February fuel demand in India highest since 1998
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India's fuel demand hit its highest level in February since 1998, with industrial activity boosted by cheap Russian oil, the data compiled by the Indian Oil Ministry's Petroleum Planning and Analysis Cell (PPAC) showed, according to Reuters. The consumption of fuel increased by over 5% to 4.82 million barrels per day (bpd) last month, marking the 15th consecutive year-on-year rise, as per the report.
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Fuel demand to drop in April-May
According to the PPAC data, consumption of petrol jumped 8.9% year-on-year to 2.8 million tons in February, while diesel sales rose 7.5% to 6.98 million tons. Kpler, a data analytics company, has projected a fuel demand of 5.17 million bpd in March. The demand will drop to 5 million bpd in April and May due to the seasonal monsoon-driven slowdown, according to the company.