Fuel consumption in August witnesses biggest monthly dip since April | Business – Times of India Videos

India’s fuel demand slipped further in August and posted its biggest monthly decline since April, as a surge in coronavirus infections continue to throttle economic activity and transportation, government data showed. Coronavirus cases have soared past 4.3 million on September 9 making India the second worst-hit country in the world. Sales of refined fuels, a proxy for oil demand, fell to 14.39 million tonnes in August, about 16% lower from a year earlier, its sixth consecutive year-on-year slide. It also fell 7.5% from the prior month, its biggest month-on-month decline since April, data from the Petroleum Planning and Analysis Cell (PPAC) of the ministry of petroleum and natural gas showed. Diesel consumption, a key parameter linked to economic growth, which accounts for about 40% of overall refined fuel sales in India, fell by about 12% to 4.85 million tonnes last month from 5.51 million tonnes in July.