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India's fuel demand eases in November after festival season boost

 Fuel demand rose in October to a seven-month peak, while gasoline sales surged to an all-time high, as festivals boosted mobility and economic activity

crude oil, petroleum

(Reuters) – India’s fuel consumption fell in November after scaling a seven-month peak last month, government data showed on Thursday, as demand eased in the world’s third biggest oil consumer after festival season. Fuel consumption, a proxy for oil demand, totalled 17.13 million tonnes, down 4% from October and was 11.4% lower than a year before, data from the oil ministry’s Petroleum Planning and Analysis Cell showed. Fuel demand rose in October to a seven-month peak, while gasoline sales surged to an all-time high, as festivals boosted mobility and economic activity.

“Drop-off in demand points to seasonal factors,” said Ed Moya, senior market analyst at brokerage OANDA. “However, fuel demand outlook remains upbeat going into 2022 as COVID is not really impacting the country and good growth outlook on continued reopening momentum.” India’s festival season ended in early November with the celebration of Diwali, a festival of lights. Consumption of diesel, which accounts for about 40% of India’s refined fuel sales, also eased 1.7% month-on-month to 6.51 million tonnes and was down 14% compared with November 2019…

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