December 26, 2017 / 1:19 PM / 6 months ago

India cuts 2017/18 fuel demand growth estimate to 4.5 pct

    NEW DELHI, Dec 26 (Reuters) - India has cut its annual fuel
demand growth estimate to 4.5 percent for 2017/18 from 5.8
percent, government data showed, indicating slower economic
activity.
    The new forecast puts fuel demand growth at its slowest pace
in three years.
    India, the world's third biggest oil consumer, is expected
to consume 203.4 million tonnes of refined products in the year
to March 2018, data posted on the website of the petroleum
ministry's Petroleum Planning and Analysis Cell showed.
    Introduction of a new tax regime had dented India's economic
growth earlier this year. The country's central bank estimates
the economy to grow at 6.7 percent in this fiscal year, its
slowest pace in four years.
    Gasoline consumption is seen growing at 9.8 percent, higher
than the previous year, the data showed, reflecting a likely 9
percent rise in passenger vehicle sales.
    Diesel demand is estimated to recover and grow by 5.8
percent, compared to a 1.8 percent rise in the last fiscal year,
mainly due to rising construction activity and local
manufacturing.
    India is promoting use of liquefied petroleum gas, used for
cooking, to replace kerosene and that would raise sale of the
cleaner fuel.
    Following is table of India's estimated fuel demand in
2017/18. Volumes are in million tonnes.
    
 PRODUCT     2017/18   2016/17   % Chg yr/yr
 LPG            23.7       21.6          9.7
 Naphtha        12.4       13.2         -6.4
 Gasoline       26.1       23.8          9.8
 Jet Fuel        7.6        7.0          8.1
 Kerosene        3.9        5.4        -27.2
 Diesel         80.4       76.0          5.8
 Fuel Oil        6.3        7.2        -12.4
 Bitumen         5.8        5.9         -2.4
 Petcoke        25.1       24.0          4.9
 Others         12.1       10.5         15.3
 TOTAL         203.4      194.6          4.5
 Source: Petroleum Planning and Analysis Cell

 (Reporting by Nidhi Verma; Editing by Vyas Mohan)
  
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