India's Demand for Gasoline Reaches an Eight-Month High in November
According to official figures issued on Friday, India, the world's third-largest consumer of oil, saw its fuel consumption reach an eight-month high in November as sales were boosted by festivals and a rebound in industrial activity.
According to official figures issued on Friday, India, the world's third-largest consumer of oil, saw its fuel consumption reach an eight-month high in November as sales were boosted by festivals and a rebound in industrial activity.
According to data from the Indian Oil Ministry's Petroleum Planning and Analysis Cell, fuel consumption, a proxy for oil demand, surged to 18.84 million tonnes in November, up 2.4% from the previous month and 10.2% from levels a year earlier (PPAC). Since the current expansion has come from a small base, demand growth may somewhat slow down over the coming several months, but since the Indian economy is strong, high consumption statistics would continue to be seen, UlHaq noted.
When the 1.4 billion-person country celebrates the big holidays of Dussehra and Diwali in October and November, retail sales always reach their highest. According to S&P Global'sManufacturing Purchasing Managers' Index, India's factory activity increased to 55.7 in November from 55.3 in October, which was the strongest growth in three months.
According to PPAC statistics, sales of diesel, which make up roughly 45 percent of India's need for refined fuel, increased 19.1% from 2021 to 7.76 million tonnes, while sales of gasoline, also known as petrol, increased by 8.1% to 2.86 million tonnes. According to UlHaq, the increase in demand for diesel "signs to a solid economy," citing a boost in demand for both private and public transportation as well as a rebound in demand from the agricultural sector following the monsoon season
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