India’s August oil demand up by 2.5%, 2023 growth revised lower to 239,000/bbl: S&P Global
Oil India Limited (OIL) and private sector producers contributed 0.28 MMT and 0.60 MMT, data released by the Oil Ministry showed. PPAC data shows that diesel demand dropped by 3 per cent on the month, although it was 5 per cent above the same month last year and 9 per cent above August 2019, according to S&P Global.
‘’It is important to note that diesel demand remained strong from the mobility sector, as evidenced by data for E-way bills generation and daily average highway toll transactions. The reduction in demand mainly came from the agriculture sector where a contraction in sales of tractors has led to lower diesel consumption,'' said Himi Srivastava, Senior Analyst, South Asia Oil Markets, S&P Global Commodity Insights The diesel demand is expected to be close to 7 per cent above pre-COVID-19 levels this year, as per the global ratings company.
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