India’s fuel demand slips in January from nine-month peak

India’s fuel demand slipped in January after hitting a nine-month peak in December, hit by lower mobility due to cold weather in parts Financial Post Top Stories Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc. By clicking on the sign up button you consent to…
India’s fuel demand slips in January from nine-month peak

India’s fuel demand slipped in January after hitting a

nine-month peak in December, hit by lower mobility due to cold weather in parts

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of the country and a slowdown in industrial activity.

Consumption of fuel, a proxy for oil demand, was about 4.6% lower than the

previous month at 18.7 million tonnes in January, data from Indian oil

ministry’s Petroleum Planning and Analysis Cell (PPAC) showed on Wednesday.

Sales of diesel fell 7.6% in January from a month ago to 7.18 million

tonnes, while sales of gasoline, or petrol, fell 5.3% to 2.82 million tonnes,

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the PPAC data showed.

“Festive season is over, and cold temperatures might have played a role,”

said Refinitiv analyst Ehsan Ul Haq.

India’s manufacturing industry started the year on a weaker note, expanding

at its slowest pace in three months in January as output and sales growth

slackened, a private survey showed.

On a yearly basis, however, fuel consumption was up 3.3%. Sales of diesel

rose 12.6%, while sales of petrol jumped 14.2%.

“Car sales remain strong… on the whole, Indian oil demand remains on the

right track and will incentivise refiners to keep refinery runs high,” Haq said.

Passenger vehicle (PV) sales jumped 22% year-on-year to 3,40,220 units in

January, while it grew 8% from pre-COVID 2020 levels, helped by healthy bookings

and improved supplies, data from the Federation of Automobile Dealers

Associations showed.

With an investment boom India is enroute to become world’s fastest-growing

economy in 2023, likely to spark sharp increases in industrial activity, while

the central bank puts inflation relief measures in place.

Cooking gas or liquefied petroleum gas (LPG) sales decreased 2.1% year on

year to 2.51 million, while naphtha sales dipped 14.4% to 1.23 million tonnes.

Sales of bitumen, used for making roads, fell about 20%, while fuel oil use

jumped 9.1% last month.

DOMESTIC SALES (in million tonnes):

2023 2022 2022 2022 2021 2021

January December November January December November

Diesel 7.18 7.78 7.76 6.37 7.3 6.51

Petrol 2.82 2.98 2.86 2.47 2.82 2.65

LPG 2.51 2.58 2.47 2.57 2.48 2.35

Naphtha 1.23 1.11 1.01 1.44 1.1 1.23

Jet fuel 0.67 0.66 0.62 0.46 0.55 0.5

Kerosene 0.03 0.04 0.04 0.13 0.12 0.12

Fuel Oil 0.6 0.62 0.55 0.55 0.57 0.51

Bitumen 0.66 0.66 0.72 0.83 0.78 0.55

TOTAL 18.7 19.60 18.84 18.09 19.01 17.10

NOTE: Total figures may not tally because not all items are included in the

table, and numbers are rounded. The numbers for previous months may have been

revised.

(Reporting by Harshit Verma, Rahul Paswan, Brijesh Patel and Arpan Varghese in

Bengaluru, Editing by Louise Heavens)

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