India’s July fuel query rises 6.1% Twelve months-on-Twelve months

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Aug 8 (Reuters) – India’s fuel query in July rose 6.1% Twelve months-on-Twelve months, files from the Petroleum Planning and Prognosis Cell (PPAC) of the oil ministry confirmed on Monday.

Consumption of fuel, a proxy for oil query, totalled 17.62 million tonnes in July, down 5.7% from 18.68 million tonnes in June.

“India’s fuel query outlook is bettering because the financial system is poised for a solid leap assist in consumption and persisted momentum for the products and services sector,” mentioned Edward Moya, senior analyst with OANDA.

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“Gas query is softer than the prior month as elevated prices are starting up to affect query…with the rupee at a historically low stage, the country will war if oil prices continue to rebound.”

Sales of fuel, or petrol, were 6.8% elevated from a Twelve months earlier at 2.81 million tonnes.

Gasoline and gas oil sales by Indian speak refiners in July fell from a month earlier as monsoon rains restricted mobility and construction work whereas excessive inflation curtailed overall query for items, per preliminary sales files. read extra

Cooking gas or liquefied petroleum gas (LPG) sales elevated 1.7% to 2.41 million tonnes, whereas naphtha sales fell 6.2% to 1.14 million tonnes.

Sales of bitumen, venerable for making roads, were up 1.4%, whereas fuel oil exhaust edged up 19.8% in July.

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Reporting by Seher Dareen in Bengaluru; Making improvements to by Leslie Adler and Marguerita Choy

Our Requirements: The Thomson Reuters Belief Concepts.

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