India’s Aug fuel consumption perks up

BENGALURU: India’s fuel consumption in August inched up from a 10-month low, government data showed on Wednesday, as strong factory activity in the world’s third-biggest oil importer and consumer offset the usual monsoon lull.

Total consumption in August, a proxy for oil demand, totalled 18.57 million metric tonnes, up 2.5% from 18.11 million tonnes in July. It was up 6.5% a year ago.

“The main reason is the strong economy,” LSEG analyst Ehsan Ul-Haq said, adding that if demand is rising during the monsoon season, it could surge even higher in the festive season.