Demonetisation takes a toll on fuel consumption
Monday, February 13, 2017, 4:28 PM
India’s monthly oil demand dropped the most since May 2003 as the government’s demonetization continued to echo through the country’s $2 trillion economy. Fuel consumption dropped 4.5% to 15.5 million tons in January from 16.2 million tons a year ago. Diesel use, which accounts for about 40% of total fuel demand in India, dropped 7.8% to 5.8 million tons, the highest decline since September.