India’s Aug crude imports fall 13% on monthly basis on monsoon demand lull
India’s crude oil imports fell more than 13% in August month-on-month, government data showed on Monday, as monsoon rains restricted activity and slowed consumption in the world’s third-biggest oil consumer.
Crude oil imports last month fell to 17.55 million tonnes from July, data from the website of the Petroleum Planning and Analysis Cell showed. But, imports in August were up 0.9%, compared with the corresponding period last year.
Demand for industrial fuel such as diesel typically dips during monsoons because of factors including less mobility, and a decline in consumption in the irrigation sector, said Prashant Vasisht, vice president and co-head, corporate ratings at ICRA.
