India’s July fuel demand up 1.9% YoY to 18.09 mn tonnes: Oil ministry data
India’s fuel consumption, a proxy for oil demand, rose by 1.9% year-on-year in July to about 18.09 million tonnes, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed on Tuesday.
Fuel demand was still down about 6.6% from the previous month, when demand stood at 19.36 million tonnes.
There is a seasonality in Indian demand, which normally peaks in March and declines during the summer period due to the monsoon, said UBS analyst Giovanni Staunovo.
