Indian fuel sales’ recovery largely intact as Delta variant ravages Asia

Indian fuel consumption recovery largely held up in the first half of August, a rare positive for oil demand as the delta virus variant led to curbs on movement in other Asian markets including China.

Gasoline sales rose 3.7% in Aug. 1 to 15 from the same period in 2019, prior to the pandemic, according to preliminary data from India’s three biggest fuel retailers. Sales of diesel, meanwhile, fell 8% from 2019, an improvement from July when they were down 11%. The two fuels account for more than half of all sales of petroleum products in the country.

Indian Covid-19 cases have fallen sharply from a peak in May, leading to a pickup in fuel demand in the world’s third-biggest crude importer as restrictions on movement were loosened.