India’s February fuel demand falls to five-month low over surge in prices
(Reuters) – India’s fuel consumption fell for the second month in a row in February to its lowest since September last year as record-high retail prices continued to stonewall a demand recovery for the world’s third-biggest oil importer and consumer.
Consumption of fuel, a proxy for oil demand, fell 4.9% to 17.2 million tonnes year-on-year in February, data from the Petroleum Planning and Analysis Cell (PPAC) of the Ministry of Petroleum & Natural Gas showed on Thursday.
On a monthly basis, demand slipped by 4.6%.
“Prices have to come down or coronavirus cases should reduce before we see a real recovery, as some people are still reluctant to travel” said Refinitiv analyst Ehsan Ul Haq.
