India's oil demand surges for eighth straight month in April

By Saket Sundria on 5/14/2018

MUMBAI (Bloomberg) -- India’s oil consumption surged 4.5% in April as industrial activity gathered pace in Asia’s third-largest economy and sales of trucks and buses soared.

The nation’s total oil demand expanded to 17.7 million tons in the month from 16.9 million a year ago, rising for eight straight months, according to the oil ministry’s Petroleum Planning & Analysis Cell.

Demand for diesel, which accounts for about 40% of India’s oil consumption, increased 2.7% to 7.2 million tons. Demand for diesel is typically muted in April as farming consumption shrinks following the harvest season in March.

Gasoline consumption was about 9.3% higher at 2.3 million tons Liquefied petroleum gas usage gained 13% to 1.9 million tons Demand for petroleum coke shrunk 0.7% to 2.2 million tons

India’s industrial and economic growth has picked up in recent months. Core sector industrial production rose 4.1% in March. Sales of passenger and commercial transport vehicles also surged in April. Passenger vehicle sales, including sport-utility vehicles, rose 7.5% during the month, while those of trucks and buses climbed 76%. India sold almost 25 million vehicles between April last year and March, including 3.3 million cars and 856,453 trucks and buses, according to the Society of Indian Automobile Manufacturers.

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