Fuel demand falls from a seven-month high

India’s fuel consumption fell in November after scaling a seven-month peak last month, government data showed on Thursday, as demand eased in the world’s third biggest oil consumer after festival season.
Fuel consumption, a proxy for oil demand, totalled 17.13 million tonnes, down 4% from October and was 11.4% lower than a year before, data from the oil ministry’s Petroleum Planning and Analysis Cell showed.
Fuel demand rose in October to a seven-month peak, while petrol sales surged to an all-time high, as festivals boosted mobility and economic activity.

Drop-off in demand points to seasonal factors, said Ed Moya, senior market analyst at brokerage OANDA.

However, fuel demand outlook remains upbeat going into 2022 as Covid is not really impacting the country and good growth outlook on continued reopening momentum.

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