The strong demand for oil products will continue and may stay above 5 per cent in the medium term, driven by demand for three key items – petrol, diesel and cooking gas, said a report.
The positive forecast comes even though demand uptick has almost halved to 2.6 per cent in the first four months of the current fiscal year from 5.6 per cent a year ago.
“We expect demand for key products — petrol, diesel and liquefied petroleum gas — to remain strong and this will ensure that the overall demand growth will remain around 5 per cent over the medium term due to continued growth in auto sales led by cars and two-wheelers and the overall economic growth,” said the report by Fitch Ratings. Read More…
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