India's Oil Demand Drops Amid LPG Supply Curbs

India's oil demand dropped by 2.8% in August, according to a report by JM Financial. Despite this decline, diesel consumption rose 6.8%, and petrol demand grew 8.2%. However, LPG demand fell 17.1% due to supply curbs.

The August decline marks a reversal from July's 2.6% year-on-year growth in oil demand. Before the brief recovery in July, demand had declined between 4% and 8% every month from April to June.

Diesel and petrol have been resilient throughout this period, with diesel demand growing every single month from March to August. Petrol demand also grew every month, reaching a high of 9.2% in July.