India cuts fuel demand growth by 40% due to austerity
India’s refined petroleum demand growth forecast has been downgraded due to rising crude oil import costs and government-led austerity measures.
The new forecast is 77,000 barrels per day, a 40% decrease from the previous forecast of 128,000 barrels per day.
State-run retailers are passing rising import and crude costs to consumers, contributing to the reduced demand growth.