India’s fuel demand hit its highest level in at least 24 years in February, data showed on Thursday, with industrial activity in Asia’s third biggest economy boosted by cheap Russian oil.
Consumption of fuel, a proxy for oil demand, rose by more than 5% to 4.82 million barrels per day (18.5 million tonnes) in February, its 15th consecutive year-on-year rise, data showed.
Demand was the highest recorded in data compiled by the Indian Oil Ministry’s Petroleum Planning and Analysis Cell (PPAC) going back to 1998.
