(ET)
India’s fuel consumption moderated and slipped 4% in April from the previous month, data showed on Tuesday, as elevated domestic prices slowed activity in the world’s third biggest oil consumer. Consumption of fuel, a proxy for oil demand, totaled 18.64 million tonnes, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed
This was a slight retreat from the 19.41 million tonnes in March, a three-year high, when petrol sales hit an all-time peak, as the market accumulated supplies foreseeing price spikes while easing COVID-related curbs boosted demand. But likely weighing on consumption since then, domestic prices for petrol and diesel, linked to international prices of the two fuels that directionally follow increases in crude oil prices, have remained elevated.
