India’s demand for
fuel consecutively for the second month in a row, dropped by -2.8% in February
this year. The demand for all oil products dropped to 15.8 MMT from 16.3 MMT a
year ago. On cumulative basis, a growth of 6.0% was registered for the period
April 2016 - February 2017. Except for LPG, Naphtha, MS, LDO, ATF and
‘other’ products which recorded a positive growth all other products recorded a
negative growth.
However, SKO registered a major de-growth of -33.8 % during the month and -20.4% on cumulative basis, mainly because of reduced allocation to states and voluntary surrender of PDS SKO quota by some states. February 2016 was a leap year and hence this year the current month has one day less resulting in lower consumption. Interestingly enough, an official government report blamed demonetization for the slowdown in demand.
Source: Indian Petroplus
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