The growth in India’s demand for petrol and jet fuel is expected to slow slightly this year, the head of the country’s largest refiner said on Tuesday, as prospects for world trade deteriorate.
“Growth in the first six months has been slightly subdued because of many different reasons including monsoon impact,” Indian Oil Corp Chairman Sanjiv Singh told Reuters. He added that the overall demand will remain at 4 per cent to 4.5 per cent. “Anything between 4 per cent and 4.5 per cent is fairly decent,” he said.
Still, the growth rate could be lowest for the country since fiscal year 2013-2014, according to government data, a sign that demand in India, one of the two pillars driving global oil consumption growth other than China, is slowing.
The International Energy Agency has revised down its 2019 oil demand growth estimate by 100,000 barrels to 1.2 million barrels per day due to the worsening prospects for world trade, Read More