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India's POL demand falls for the second month in February: Demonetization at work?
Mar 28: India’s demand for fuel consecutively for the second month in a row, dropped by -2.8% in February this year. T
8The demand for all oil products dropped to 15.8 MMT from 16.3 MMT a year ago. On cumulative basis, a growth of 6.0% was registered for the period April 2016 - February 2017.
8Except for LPG, Naphtha, MS, LDO, ATF and ‘other’ products which recorded a positive growth all other products recorded a negative growth.
8However, SKO registered a major de-growth of -33.8 % during the month and -20.4% on cumulative basis, mainly because of reduced allocation to states and voluntary surrender of PDS SKO quota by some states.
8February 2016 was a leap year and hence this year the current month has one day less resulting in lower consumption.
8Interestingly enough, an official government report blamed demonetization for the slowdown in demand
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