India’s fuel demand rose in October to a seven-month peak, with petrol sales surging to an all-time high, government data showed on Tuesday, as festivals boosted mobility and economic activity in the world’s third-biggest oil consumer.
Fuel consumption, a proxy for oil demand, rose over 12 per cent to 17.87 million tonnes last month from September. It was up 0.8 per cent from the corresponding period last year and 3 per cent from October 2019, data from the Petroleum Planning and Analysis Cell (PPAC) showed.
Consumption got a boost from the start of the festival season in October, offsetting the impact of high prices, Refinitiv analyst Ehsan Ul-Haq said.
