India’s fuel demand loses steam in July: Industry data

NEW DELHI: India’s refined fuel consumption in July slipped from June, according to preliminary industry data, indicating slower industrial activity as high retail prices, floods and renewed coronavirus lockdowns in parts of the country dented demand.
Local fuel sales – a proxy for oil demand – plunged to historic lows in April when India imposed a country-wide lockdown.
State-refiners’ diesel sales, which account for two-fifth of overall refined fuel sales in India, fell by 13% to 4.85 million tonnes in July from the previous month, and by about 21% from a year earlier, according to data compiled by Indian Oil Corp (IOC).
State companies, IOC, Hindustan Petroleum Corp and Bharat Petroleum, own about 90% of India’s retail fuel outlets.