NEW DELHI : India’s monthly diesel consumption continued to decline for the second straight month in August, according to preliminary industry data, signalling lower industrial activity.
Diesel consumption accounts for 40% of overall refined fuel sales in India and is one of the key parameters linked to overall economic growth.
Asia’s third largest economy shrank by a record 23.9% in June quarter. Some private economists forecast a contraction of nearly 10% in 2020/21, the worst performance since India won independence from British colonial rule in 1947.
State-refiners sold 4.26 million tonnes of diesel in August, a drop of 13% from July and a 22.3% fall from a year earlier, data compiled by Indian Oil Corp (IOC) showed.
