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India's 2017 oil demand growth posts lowest gain since 2013

Reuters  |  SINGAPORE/NEW DELHI 

By Henning Gloystein and Nidhi VermaSINGAPORE/NEW DELHI (Reuters) - Indian oil consumption in 2017 grew at its slowest in four years, according to government statistics, hit by the government's demonetisation move and a tax increase that knocked the gain in fuel use back to a modest 2.3 percent. The low growth also coincided with another year of weak, albeit improving, new vehicle sales. Last year's oil demand was held back "by headwinds from demonetisation and a new goods and services tax," U.S. bank Morgan Stanley said in a note to clients. India imports almost all of its oil, shipping in ...

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First Published: Thu, January 11 2018. 16:54 IST
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