Indian April fuel demand dips, coronavirus wave clouds outlook

India’s April fuel demand slipped from the previous month as the world’s third largest oil consumer bore the brunt of raging coronavirus infections, with the prospect of further restrictions weighing on the outlook.

Consumption of fuel, a proxy for oil demand, fell 9.4% to 17.01 million tonnes from March, data from the Petroleum Planning and Analysis Cell (PPAC) of the Ministry of Petroleum & Natural Gas showed on Tuesday.