DIESEL DEMAND
Diesel market flashes warning sign in India as growth slows
India's diesel demand experienced stagnation in October, marking a potential shift in the nation's fuel consumption patterns. This slowdown, attributed to factors like a cooling economy and evolving consumer preferences, raises concerns for the global oil market.
Petrol, ATF sales surge 8.5% in Oct
Petrol and jet fuel sales increased by around 8.5% in October due to higher travel during the festive season. Diesel sales remained stagnant, affected by factors such as high rainfall and a shift towards electricity by farmers and railways. LPG sales rose by 7.5%.
Petrol sales rebound on festival season, diesel demand continues to drop
India's petrol consumption increased by 7.3 per cent in October due to festive season demand. However, diesel sales decreased by 3.3 per cent, partly due to lower agricultural demand from extended rains. LPG and ATF sales saw year-on-year increases, with LPG up by 7.5 per cent and ATF by 2.5 per cent.
Oil prices fall as reality of weak global demand overtakes risk of wider war in Middle East
Global crude oil prices fell sharply as Israel's retaliatory strike targeted Iranian military sites instead of energy infrastructure. Despite brief spikes in oil prices due to regional tensions, ample supply and weak demand, particularly from China, continue to drive prices lower. Experts expect oil prices to keep declining.
Bharat Petroleum's Russia oil intake share falls to 34% in Sept quarter
Bharat Petroleum Corp's intake of Russian oil dropped to 34% in the July-September quarter due to maintenance at its Bina and Kochi refineries. BPCL had sourced 40% of its crude from Russia in the June quarter. The company aims for significant capital expenditure in the coming years to expand its refining capacity.
India's oil demand may revive amid festivals and elections, shows S&P Global Commodity Insights
India's oil demand is expected to rise by 3.5-4% in Q4 2024 due to festive activities, agricultural needs, and election-related transportation. Despite a 2% drop in diesel demand caused by heavy monsoon rains, gasoline demand grew by 3%. Marriage season and automobile sales will further boost fuel consumption.
India's diesel consumption to rise 3%-4% this fiscal: Indian Oil chairman
India's diesel consumption is predicted to grow by 3%-4% this fiscal year, said IOC chairman V Satish Kumar. Despite a 1% rise in demand to 44.4 million tons from April-September due to heavy rains, consumption is anticipated to increase from October with the onset of crop harvesting.
OPEC trims 2024 oil demand growth forecast to 1.93 million bpd
OPEC on Monday cut its forecast for global oil demand growth in 2024 reflecting data received so far this year and also lowered its projection for next year, marking the producer group's third consecutive downward revision.
Oil use falls for second straight month in September
India, the world's third-largest oil consumer, saw oil consumption decline for the second month in September, influenced by a surprising drop in diesel demand. This trend adds pressure to global crude prices already impacted by weak Chinese demand. Vehicle sales also saw significant declines, contributing to reduced fuel consumption.
Petrol sales rises 2.8% in September, diesel drops 2%
Petrol sales in India saw a 2.8% increase in September year-on-year, while diesel fell by 2%, indicating an oil demand slowdown. LPG sales rose by 1%. The growth rates for these fuels in September were lower than the April-August averages. Jet fuel sales jumped 9.5% driven by strong air traffic.
India's oil-product exports soar amid refinery shutdowns in Europe
India's clean oil-product exports surged to their highest since March 2022, driven by increased demand from Europe and Africa due to refinery shutdowns. In September, shipments of diesel, gasoline, and jet fuel reached 1.5 million barrels a day, marking a 39% year-on-year increase. European refinery maintenance and poor margins contributed to this spike.
Hardeep Singh Puri calls to build consensus over bringing petrol, diesel under GST
Union Minister Hardeep Singh Puri advocates for bringing petrol and diesel under GST to enhance India's energy security. He emphasizes the need for strategic petroleum reserves and increased exploration. Achieving consensus among states remains a challenge due to revenue concerns, particularly from non-BJP states.
Headroom to cut petrol, diesel prices by Rs 2-3 per litre: Icra
Recent declines in crude oil prices have improved margins for state-owned fuel companies, allowing potential cuts in petrol and diesel prices by Rs 2-3 per litre. The price of imported crude oil averaged $74 per barrel in September, down from $83-84 in March. This could lead to reduced retail fuel prices if crude prices remain stable.
Oil demand growth falls 45% till August
India's oil demand growth has nearly halved this financial year, with diesel sales stagnating. Diesel sales, which make up 38% of refined product consumption, have risen just 1%. High rainfall and lower power consumption contributed to the decline. Domestic production and exports of petroleum products have also slowed.
Petrol, diesel price cut before Maha elections? Oil Minister official says prices volatile
International oil prices remain volatile, causing uncertainty in petrol and diesel price reductions despite lower input costs. State-owned fuel retailers have not revised rates since late 2021, citing volatility. Petrol and diesel prices are currently frozen, with potential cuts before Maharashtra elections uncertain.
Nayara Energy sees 14 pc rise in domestic fuel sales, exports drop
Nayara Energy, India's largest private fuel retailer, reported a 14.3% increase in fuel sales for Q2 2024 while exports declined due to rising local demand. The company sold most of its diesel and petrol domestically and expanded its retail network to underserved markets, contributing significantly to India's energy security.
Petrol, diesel prices may be cut if crude rates stay low for longer: Petroleum Secretary
Petrol Diesel Price Cut: Indians may see relief in petrol and diesel prices if global oil prices remain low. State-run fuel companies may consider reducing prices if the global crude rates stay lower for extended period, Oil Secretary Pankaj Jain said. India is also seeking increased output from OPEC+ and maximizing crude purchases from cost-effective suppliers like Russia.
OPEC again lowers 2024, 2025 global oil demand growth view
OPEC has reduced its forecast for global oil demand growth in 2024, now expecting a rise of 2.03 million barrels per day, down from 2.11 million bpd predicted last month. The group also lowered its 2025 estimate to 1.74 million bpd. Factors include China's economic conditions and the transition to cleaner fuels.
Diesel dilemma: Demand drop in India and China puts pressure on crude oil prices
Chinese and Indian diesel markets are showing signs of a slowdown, potentially leading to weaker crude oil prices. In China, diesel demand is contracting, while in India, consumption growth has slowed significantly. This trend is impacting refiners' profits and contributing to concerns about a global oil glut.
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