(Reuters) – 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.
On a yearly basis, demand surged 81.5% from April 2020 lows, when consumption plunged to the lowest since 2006 as coronavirus restrictions during India’s first wave battered the economy. This represents the biggest year-on-year increase since data going back to about 1999.
