India’s fuel consumption fell in January after scaling a nine-month peak in December, government data showed on Wednesday, as COVID-19 curbs in several states hit mobility and industrial activity.
Fuel consumption in the world’s third biggest oil consumer, a proxy for oil demand, totalled 17.61 million tonnes, down 3.7% from December and 0.2% from a year before, data from the oil ministry’s Petroleum Planning and Analysis Cell showed.
“After relatively strong recovery during the festive season, recovery is taking a respite. Recent surge in COVID-19 cases should have played a role in limiting demand,” Refinitiv analyst Ehsan Ul Haq said.
