India’s fuel demand falls to 10-month low in September

Indian Monthly fuel September demand at its lowest level since November 2021, government data released on Friday showed.
Total monthly fuel demand in September decreased by 3.6% compared to August, although increased by 8.1% compared to September 2021.
“When we look at the drop in Indian oil demand, it is partly due to the seasonal maintenance of refineries, not necessarily the maintenance of the refineries,” said Phil Flynn, analyst at Price Futures Group in Chicago. due to the weakening economy”.
“We expect that demand for India will pick up here very quickly as we head into winter.”
Fuel consumption, a proxy for oil demand, reached 17.18 million tons in September, up from 15.89 million tons a year earlier, data from Oil The Petroleum Department’s Planning and Analysis Authority (PPAC) shows.
Sales of diesel, or gasoil, rose about 13.4% year-on-year to 6.26 million tonnes, but fell 1.4% month-on-month to the lowest in a year.
Discount gasolineor gasoline, 8.8% higher than a year earlier at 2.83 million tonnes.
Preliminary sales data from earlier this month showed gasoline and gasoil sales by India’s refineries surged in September from a year earlier, signaling a pick up in industrial activity. before the festive season from October.
Sales of bitumen, used to make sugar, rose about 16%, while fuel oil rose 9% in September.
Gas or liquefied petroleum gas (LPG) sales rose 3.5% to 2.45 million tonnes, while naphtha sales fell 6.4% to 1.08 million tonnes.
Indian refiners plan to lock in more of their crude supplies in futures deals, fearing that tighter Western sanctions against Russia, including the EU, could limit future supply in already tight markets, refinery sources said this week.


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