India Cuts Fuel Demand Growth Projections By 40% Amid Austerity DriveIndia Cuts

India’s refined petroleum demand growth forecast has received a major downgrade, with rising crude oil import costs, a weaker rupee and government-led austerity and conservation measures expected to dramatically cut oil demand.

According to Kpler, India’s refined products demand growth will now come in at just 77,000 barrels per day (kbd) in the current year, down nearly 40% from its previous forecast of 128 kbd.