India’s January Diesel Sales Post Slowest Decline in Three Months: Preliminary Data

India’s diesel sales fell 2.3 per cent year-on-year in January, their slowest pace of decline in three months, preliminary data showed on Tuesday, indicating a gradual recovery in industrial growth in Asia’s third-largest economy.

Local diesel sales by state-run refiners have been falling since March, when coronavirus-related restrictions slammed industrial activity and mobility. However demand for diesel saw a temporary year-on-year rise in October ahead of the country’s festival season.

Diesel consumption, a key indicator of economic growth which accounts for about 40 per cent of overall refined fuel sales in India, totalled 6.04 million tonnes in January, the data compiled by state retailers showed.

India’s factory activity expanded at its strongest pace in three months last month due to higher demand and output, according to a private survey which also showed firms cut jobs at the slowest pace in 10 months.

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