India#39;s fuel demand marks largest gain in six months
India’s fuel demand rose 3.3% in July, marking its biggest year-on-year percentage gain since January, compared with the previous year.
Consumption of fuel, a proxy for oil demand, totaled 17.58 million tonnes, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed.
Sales of gasoline, or petrol, were 8.8% higher from a year earlier at 2.52 million tonnes.
Meanwhile, diesel sales climbed 3.3%, its highest year-on-year rise since January, to 6.83 million tonnes.
Cooking gas or liquefied petroleum gas (LPG) sales increased 9% to 2.22 million tonnes, while naphtha sales fell 5.2% to 1.22 million tonnes.
Sales of bitumen, used for making roads, surged 36.4%, while fuel oil use rose 8.3% in July.Subscribe to Moneycontrol Pro and gain access to curated markets data, trading recommendations, equity analysis, investment ideas, insights from market gurus and much more. Get Moneycontrol PRO for 1 year at price of 3 months at 289. Use code FREEDOM.