Oil demand declines 3.5% in November

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The decline of -7% YoY in oil demand in November was primarily on account of low demand for diesel due to base effect since Diwali was in November this year, unlike October last year. Diesel demand moderates during Diwali due to shutdown of many industrial units.

SHIVANI SHARMA, MOHSIN SHAIKH

Gasoline continued its steady recovery with 5.1% YoY rise in demand in November. This is the third month of positive growth due to rising need for personal mobility post COVID-19.

LPG demand was up 4.1% YoY in November 2020. During eight months of this fiscal, demand of LPG declined only in August by 5.4 % on YoY basis.

Demand has been on a strong recovery trend since September due to easing of lockdown. However, demand for kerosene has continuously declined throughout the fiscal.

ATF demand continued to be down by 48% Y-o-Y in November.

Total oil demand declined 3.5% YoY in November after reporting growth in October for the first time since March this year.