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