India's fuel demand reached a nine-month high in December, helped by strong industrial activity and a rise in gasoline consumption due to an uptick in passenger vehicle sales.
Consumption of fuel, a proxy for oil demand, was about 4% higher than the previous month, and rose 3.1% year-on-year to 19.60 million tonnes in December, data from Indian oil ministry's Petroleum Planning and Analysis Cell showed on Monday.
India's manufacturing industry ended 2022 on a solid footing as business conditions improved at the fastest rate in over two years while growth in new orders and output accelerated, a business surveySales of diesel, which account for about four-fifths of India's refined fuel demand, rose 6.5% in December from a year earlier to 7.78 million tonnes, while sales of gasoline, or petrol, rose 5.9% to 2.98 million tonnes, the PPAC data showed.
Passenger vehicle sales for the month rose around 8.2% to 280,016 units and reached an all-time high of over 3.43 million units in 2022, the Federation of Automobile Dealers Associations said.
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