25 Days
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الاقتصادية
India's oil demand drops to pandemic lows
India's oil demand growth forecasts for this year have been revised downward to the lowest level since the pandemic, decreasing by 78,000 barrels per day, due to the impact of the Middle East war on fuel consumption. The lowered outlook is attributed to rising energy prices, increased transportation costs, and the Prime Minister's directives to conserve fuel, as state refining companies are incurring daily losses of up to $63 million from selling fuel at prices below market rates. Consulting firms expect oil product demand to remain weak temporarily, as India continues to rely on gasoline and diesel for a longer period compared to countries that are quickly shifting toward electricity.
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