India Cuts Fuel Demand Growth Projections By 40% Amid Austerity DriveIndia Cuts

AI Summary

India has significantly reduced its forecast for refined petroleum demand growth by 40%, citing rising crude import costs, a depreciated rupee, and government austerity measures aimed at conservation. The revised growth is expected to be 77,000 barrels per day instead of the previously forecasted 128,000 bpd.

India’s refined petroleum demand growth forecast has received a major downgrade, with rising crude oil import costs, a weaker rupee and government-led austerity and conservation measures expected to dramatically cut oil demand. According to Kpler, India’s refined products demand growth will now come in at just 77,000 barrels per day (kbd) in the current year, down nearly 40% from its previous forecast of 128 kbd. The data and analytics firm has revealed that India's state-run retailers are passing rising import and crude costs to consumers…