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India's October fuel demand marks first year-on-year gain in 8 months

Activity in India's dominant services industry also expanded for the first time in eight months in October as demand surged

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With public transportation gradually picking up, fuel demand is expected to improve further | Photo: Reuters

2 min read Last Updated : Nov 12 2020 | 9:17 PM IST

India's fuel consumption in October posted its first year-on-year increase since February, as slowing coronavirus cases and increased mobility accelerated an economic recovery, data showed on Thursday.

Consumption of refined fuels, a proxy for oil demand, rose 2.5% in October from the prior year to 17.78 million tonnes and nearly 15% higher from the previous month, data from the Petroleum Planning and Analysis Cell (PPAC) of the Ministry of Petroleum & Natural Gas showed.

"GST (Goods and Services Tax) collections, power demand, PMI etc all are indicating increased economic activity and Covid cases are also coming down to a point

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