India’s oil product consumption rises to highest since 2019 in February

Oil

India’s oil product consumption increased by 480K b/d m-o-m and 90K b/d y-o-y to 5.02M b/d in February, rising to the highest level since March 2019 after previously falling to a four-month low in January, according to data from the Petroleum Planning and Analysis Cell (PPAC). Gasoline use rose by 100K b/d m-o-m and 30K b/d y-o-y to 780K b/d, the highest level on records dating back to 2001. Diesel consumption jumped by 200K b/d m-o-m to 1.76M b/d, however this remains down by 10K b/d compared to the same month last year. Naphtha demand also increased by 10K b/d m-o-m to an eleven-month high of 370K b/d.