India's November fuel demand growth at near 2-year high in November

Mumbai: Fuel demand in the country has grown by 10.5% in November from a year ago. This is the fastest pace since January 2018 on account of higher consumption of transport fuels gasoil and gasoline, and cooking gas, according to Reuters report.

Consumption of refined fuels, an alternative for oil demand in Asia’s third largest economy, totalled 18.77 million tonnes in the month, preliminary data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed on Wednesday.

The International Energy Agency in a report forecast India’s oil demand growth in 2019 and 2020 to stay below levels seen between 2015 and 2018.

“Oil demand growth in 2020 is likely to be higher than in 2019, assuming that economic growth accelerates, but it will remain below the 200,000 bpd levels reached in 2015-18,” the IEA said.

The Paris-based think tank estimates that India’s oil demand will rise by 2.8% to 5 million barrels per day in 2019 and by 3.6% to 5.18 million bpd in 2020.

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