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India's Oil Demand Surges

India's Oil Demand Surges India's Oil Demand Surges

India’s oil consumption surged 4.5% in April, as industrial activity gathered pace in Asia’s third-largest economy and sales of trucks and buses soared. The nation’s total oil demand expanded to 17.7 million tons in the month from 16.9 million a year ago, rising for eight straight months, according to the Indian Oil Ministry’s Petroleum Planning & Analysis Cell, World Oil reported. Demand for diesel, which accounts for about 40% of India’s oil consumption, increased 2.7% to 7.2 million tons. Demand for diesel is typically muted in April, as farming consumption shrinks following the harvest season in March. Gasoline consumption was about 9.3% higher at 2.3 million tons. Liquefied petroleum gas usage gained 13% to 1.9 million tons. Demand for petroleum coke shrunk 0.7% to 2.2 million tons. India’s industrial and economic growth has picked up in recent months. Core sector industrial production rose 4.1% in March.

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Financialtribune.com