Oil demand growth in the
world's rapidly-growing crude market may weaken as the government's cash
crackdown slows the economy.
Diesel and gasoline use, which account for more than half of India's oil demand, will slow or contract this month and perhaps early next year, as per reports. Expansion in the world's fastest-growing major economy is universally expected to ease temporarily after Prime Minister Modi last month withdrew high-value currency notes in a country where almost all consumer payments are in cash.
Diesel and gasoline use, which account for more than half of India's oil demand, will slow or contract this month and perhaps early next year, as per reports. Expansion in the world's fastest-growing major economy is universally expected to ease temporarily after Prime Minister Modi last month withdrew high-value currency notes in a country where almost all consumer payments are in cash.
Diesel consumption could drop as much as 12 % and gasoline demand as
much as 7 % his month, according to reports.
