OIL & GAS

After 2 months of gains, fuel demand slips

Refined fuel consumption in July slipped from June, according to preliminary data, indicating slower industrial activity as high retail prices, floods and renewed COVID-19 lockdowns in parts of India dented demand.

Local fuel sales — a proxy for oil demand — plunged to historic lows in April when India imposed a country-wide lockdown.

State-refiners’ diesel sales, which account for a fifth of overall refined fuel sales in India, fell by 13% to 4.85 million tonnes in July from June, and by about 21% from a year earlier, Indian Oil Corporation’s (IOC) data showed.

Source
The Hindu
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