Fuel Demand Falls In November From A Seven-Month High

New Delhi: India’s gasoline consumption fell in November after scaling a seven-month peak final month, authorities knowledge confirmed on Thursday, as demand eased on this planet’s third greatest oil client after pageant season.

Gasoline consumption, a proxy for oil demand, totalled 17.13 million tonnes, down 4% from October and was 11.4% decrease than a yr earlier than, knowledge from the oil ministry’s Petroleum Planning and Evaluation Cell confirmed.

Gasoline demand rose in October to a seven-month peak, whereas petrol gross sales surged to an all-time excessive, as festivals boosted mobility and financial exercise.

“Drop-off in demand factors to seasonal elements,” mentioned Ed Moya, senior market analyst at brokerage OANDA.

“Nevertheless, gasoline demand outlook stays upbeat going into 2022 as Covid isn’t actually impacting the nation and good development outlook on continued reopening momentum.”

India’s pageant season led to early November with the celebration of Diwali, a pageant of lights.

Consumption of diesel, which accounts for about 40% of India’s refined gasoline gross sales, additionally eased 1.7% month-on-month to six.51 million tonnes and was down 14% in contrast with November 2019.

Diesel gross sales had been down 7.6% from the identical interval final yr.

Gross sales of petrol decreased by about 0.7% to 2.65 million tonnes yr on yr, however was 4.4% increased from November 2019. They had been down 3.6% from October.

India, Asia’s third-largest financial system, final month mentioned it should launch 5 million barrels of oil from its strategic reserves in coordination with different consumers together with the USA, China, Japan and South Korea.

Gross sales of cooking gasoline, or liquefied petroleum gasoline (LPG), decreased almost 0.4% to 2.34 million tonnes year-on-year, whereas naphtha gross sales fell 19.4% to 1.13 million tonnes.

Gross sales of bitumen, used for making roads, had been down 21.5%, whereas gasoline oil use rose 3.9% in November.

(This story has not been edited by NDTV workers and is auto-generated from a syndicated feed.)