India’s fuel demand climbed to an eight-month high in November, government data released on Friday showed, as festivals and a pick-up in industrial activity boosted sales in the world’s No. 3 oil consumer.
Consumption of fuel, a proxy for oil demand, was 2.4% higher than the previous month, and rose 10.2% year-on-year to 18.84 million tonnes in November, according to the data from Indian oil ministry’s Petroleum Planning and Analysis Cell (PPAC).
“The festive season has been supporting oil demand growth,” said Refinitiv analyst Ehsan Ul Haq.
“Demand growth might slow slightly in the next few months as present expansion has been from a low base, but since the Indian economy is robust, we’ll continue to see high consumption numbers,” Ul Haq added.
