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India cuts 2017-18 fuel demand growth estimate to 4.5pct

Gasoil News - Published on Thu, 28 Dec 2017

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Reuters reported that India has cut its annual fuel demand growth estimate to 4.5 percent for 2017-18 from 5.8 percent, government data showed, indicating slower economic activity. The new forecast puts fuel demand growth at its slowest pace in three years.

Data posted on the website of the petroleum ministry's Petroleum Planning and Analysis Cell showed that India, the world's third biggest oil consumer, is expected to consume 203.4 million tonnes of refined products in the year to March 2018.

Introduction of a new tax regime had dented India's economic growth earlier this year. The country's central bank estimates the economy to grow at 6.7 percent in this fiscal year, its slowest pace in 4 years.

The data showed that gasoline consumption is seen growing at 9.8 percent, higher than the previous year, reflecting a likely 9 percent rise in passenger vehicle sales.

Diesel demand is estimated to recover and grow by 5.8 percent, compared to a 1.8 percent rise in the last fiscal year, mainly due to rising construction activity and local manufacturing.

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Posted By : Rabi Wangkhem on Thu, 28 Dec 2017
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