India’s flat May fuel demand points to sluggish economy


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.

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. Read More

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