India's flat May fuel demand points to sluggish economy

India's fuel demand in May was unchanged from a year earlier, preliminary government data showed on Saturday, indicating a continued slowdown in various sectors including industrial output. Fuel consumption, a proxy for oil demand, was 18.61 million tonnes in May, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed on Saturday.

Reuters June 16, 2019 00:05:08 IST
India's flat May fuel demand points to sluggish economy

Indias flat May fuel demand points to sluggish economy

India's fuel demand in May was unchanged from a year earlier, preliminary government data showed on Saturday, indicating a continued slowdown in various sectors including industrial output.

Fuel consumption, a proxy for oil demand, was 18.61 million tonnes in May, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed on Saturday.

India's economy grew 5.8% in March quarter, its slowest pace in more than four year, falling behind China's pace for the first time in nearly two years.

Several indicators – automobile sales, rail freight and domestic air traffic - indicate a slowdown in domestic consumption. India has not yet released industrial output data for May.

Sales of gasoline, or petrol, rose by a robust 11.32% to 2.73 million tonnes in May as the narrowing price gap with diesel is pushing motorists to opt for petrol-driven vehicles. Diesel sales rose 2.84% to 7.78 million tonnes.

Cooking gas, or liquefied petroleum gas (LPG), rose marginally to 2.06 million tonnes.

Naphtha sales increased by 7.73% to 1.09 million tonnes and sales of bitumen, used for making roads, were down by 8.4%.

India revised down its fuel consumption for April to 17.67 million tonnes, a decline of 0.6% from a year earlier, the data showed.

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