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India's fuel consumption rose 8.2% YoY in January to 20.04 million tonnes, driven by strong industrial activity. Diesel sales increased by 3.5% to 7.43 million tons, and gasoline sales grew by 9.6% to 3.10 million tons. Factory activity improved substantially, and carmakers reported record sales.
Fuel Demand India: Total consumption, a proxy for oil demand, totalled 20.04 million tonnes in January, up from 18.51 million tonnes last year, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed.
Fuel Demand India: Total consumption, a proxy for oil demand, totalled 20.04 million tonnes in January, up from 18.51 million tonnes last year, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed.
India paid the highest prices for Russian oil in October, exceeding the $60 price cap set by the Group of Seven nations. This boosts Moscow's revenues despite western nations' efforts to curb the producer's income and funding for the Ukraine war. India, the world's third-biggest oil importer and consumer, has become the biggest buyer of seaborne Russian crude as western nations cut purchases after Moscow's invasion of Ukraine over a year ago.
Leaders of the world's top central banks reaffirmed on Wednesday they think further policy tightening will be needed to tame stubbornly high inflation