Fuel Demand Falls In November From A Seven-Month High
NDTV
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.
New Delhi: 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.
