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Bloomberg
India’s oil demand grew for a fourth month in March, although the pace of gains slowed from February as falling vehicle sales weighed on transportation fuel consumption even amid
campaigning for federal elections.
Total usage of oil products rose 1.3% y/y to 18.9m tonnes in March, according to the oil
ministry’s Petroleum Planning & Analysis Cell Demand in the FY through March increased 2.7% y/y.
Indian passenger vehicle sales grew 2.7% y/y in the financial year ended March, the slowest expansion since 2014, according to the Society of Indian Automobile Manufacturers; it sees 3%-5% growth in the current fiscal year.
Oil demand growth in 2019 may miss the International Energy Agency’s estimate of 245,000 barrels a day, Kunal Agrawal, a senior industry analyst at Bloomberg Intelligence, wrote in a note.