According to official figures, India’s monthly fuel demand fell to its lowest level since November 2021 in September.
Although it increased 8.1% from September 2021, total monthly demand in September declined 3.6% from August.
According to Phil Flynn, an analyst with Price Futures Group in Chicago, “when we look at the fall in Indian demand for oil, we find that it is attributable to reasons such seasonal refinery maintenance and not necessarily to the decline in the economy.”
The arrival of winter is expected to cause demand in India to increase quickly, he continued.
Fuel consumption, a measure of oil demand, increased to 17. 18 million tonnes in September from 15. 89 million tonnes a year earlier, according to data from the Oil Ministry.
Diesel sales increased 13.4% annually to 6.26 million tonnes, but they decreased 1.4% monthly, reaching their lowest level in a year.
Sales of gasoline increased by 8.8% year over year to 2.83 million tonnes.
Fears of an economic recession are increased by India’s decreasing gasoline demand.
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