India’s fuel consumption fell again in August and saw massive demand erosion since April, as rise in coronavirus cases continue to hit economic activity and travel, government data showed.
Refined fuel sales slipped to 14.39 million tonnes in August, about 16% lower compared with the consumption in the same month a year ago. It also fell 7.5% in July, its biggest month-on-month decline since April, data released by the Petroleum Planning and Analysis Cell (PPAC) of the Oil Ministry showed.
Indian oil demand forecast lowered their Q4 2020 by 0.43 million barrels-per-day, according to Consultancy Energy Aspects, citing soaring infections and uncertainty over further restrictive measures which will continue to limit the pace of recovery.
