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Flat May fuel demand points to sluggish economy

NEW DELHI: India’s gasoline demand in May was once unchanged from a 12 months previous, preliminary government knowledge confirmed on Saturday, indicating a persevered slowdown in various sectors together with commercial output.

Fuel consumption, a proxy for oil demand, was once 18.61 million tonnes in May, knowledge from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry confirmed on Saturday.

Indian financial system grew five.eight% in March quarter, its slowest pace in more than 4 12 months, falling in the back of China’s pace for the primary time in nearly two years.

GDP expansion falls to five.eight% in January-March quarter, falls underneath China

India's GDP (gross dometic product) expansion for the January-March (This autumn) quarter slowed to five.eight in line with cent from 6.6 in line with cent in the earlier (October-December) quarter, government knowledge confirmed on Friday. This is the slowest GDP expansion charge in 5 years, as a sit back in domestic and global client demand hit manufacturers and service providers.

Several signs – automotive gross sales, rail freight and domestic air traffic - point out a slowdown in domestic consumption. India has no longer yet launched commercial output knowledge for May.

Sales of gas, or petrol, rose by means of a robust 11.32% to 2.73 million tonnes in May as the narrowing worth gap with diesel is pushing motorists to go for petrol-driven vehicles. Diesel gross sales rose 2.84% to 7.78 million tonnes.

Cooking fuel, or liquefied petroleum fuel (LPG), rose marginally to 2.06 million tonnes.

Naphtha gross sales increased by means of 7.73% to 1.09 million tonnes and gross sales of bitumen, used for making roads, have been down by means of eight.four%.

India revised down its gasoline consumption for April to 17.67 million tonnes, a decline of 0.6% from a 12 months previous, the information confirmed.

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