India’s monthly diesel consumption fell for the first time in 10 months year-on-year in September, while petrolsales grew by the least in four months as record high pump prices dented demand, government data showed on Friday.
Lower local sales of petrol and diesel curbed growth in India’s overall fuel demand to 1.1 per cent in September, despite higher sales of liquefied petroleum gas and jet fuel.
India’s fuel consumption, a proxy for oil demand, totalled 16.54 million tonnes in September, a decline of about 1.3 per cent from August, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed.
A sharp fall in the value of the Indian rupee and soaring oil prices led to record high pump prices of diesel and petrol, forcing the government to cut taxes on them and asking retailers to cut marketing margins by Re 1 a litre. Read more