India’s fuel consumption fell by 3.7% in June to a total of 19.24 million metric tons, according to data from the country’s oil ministry.
Consumption was also down year-on-year in June by 3.1%. However, gasoline sales increased by a substantial 7.4% year-on-year, even though they were down month-on-month by 3.2%. Reuters suggested that sales of gasoline to Russia played a role in the sales increase, as Ukrainian drone attacks on Russian refineries caused fuel shortages.
India is the third-largest oil importer in the world and, as a result, one of the nations hardest hit by the supply tightness caused by the closure of the Strait of Hormuz earlier this year.
India imported a record high of 5 million barrels per day of crude oil in June, more than half of which – 2.6 million bpd – came from Russia.
