India’s crude imports fall in Feb as demand slows, new virus wave looms
India’s crude oil imports fell by the most in four months in February, government data showed on Monday, as demand slowed due to rising fuel prices and as the country faces a resurgence in COVID-19 cases and potentially fresh restrictions.
India’s crude oil imports in February fell 18.3% from a year earlier to 15.24 million tonnes, the biggest year-on-year fall since October 2020, data from the Petroleum Planning and Analysis Cell (PPAC) showed.
India’s Feb crude imports decline at the fastest y-o-y rate
“India is depending on its reserves for the time being and waiting for rally in oil prices to cool off,” said Amit Sajeja, a vice president at Motilal Oswal.
