India’s April fuel intake dips on rising crude prices, to reverse in May

India’s sustained uptrend in oil consumption came to a halt and slipped into the red in April from March levels as rising domestic retail fuel prices on the back of surging crude took a toll on gasoline, diesel and LPG demand, said S&P Global Commodity Insights.

However, analysts said the trend could get reversed in May.

“Middle distillates will account for more than half of 2022 growth, partly due to a slow recovery last year. But there are still risks of downward adjustments as the Russian-Ukraine conflict continues to evolve and the worry of a global or regional economic recession has been growing,” said Lim Jit Yang, an advisor for oil markets at S&P Global Commodity Insights.