Environmental News from India:
India’s fuel consumption in June rose by 17.9% from a year earlier, government data showed on Friday, as demand in the world’s No.3 oil consumer headed back towards pre-pandemic levels.
Global oil prices have surged in response to concerns about tight supplies and disruption linked to oil producer Russia’s invasion of Ukraine, but Indian consumers have to an extent been sheltered as Indian refiners have bought cheaper Russian fuel the West has shunned.
Consumption of fuel, a proxy for oil demand, totaled 18.67 million tonnes, data from the Indian oil ministry’s Petroleum Planning and Analysis Cell showed.
“Indian diesel and gasoline demand were relatively low in May-September 2021. As a result, around 18% increase is from a lower base,” said Refinitiv analyst Ehsan Ul Haq, but added pent-up demand could drive recovery to pre-pandemic levels in the next few months.
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Source: Reuters