India’s lubricant consumption rises in September

Spanish Market: Oil products
15/10/24

India's lubricant consumption rose by 7.1pc on the year and by 2.5pc on the month to 364,000t in September, according to provisional oil ministry data.

This likely came as demand picked up, especially since the monsoon seasonal lull ended in September. Lubricant consumption rose for two consecutive months in September, with consumption previously at its lowest level this year in July.

Lubricant consumption rose by 12pc between January to September to 3.4mn t, outpacing demand in the same period last year, supported by economic growth.

India's base oil import prices in September were largely lower for most grades, pressured by ample supply and weakness in crude and gasoil prices. But heavy-grade prices were supported because of tight supply. Group II N150 averaged at $810/t in September, a decrease of 3pc from a month earlier. Group II N500 averaged at $991/t cfr India in September, edging up around 1pc from the previous month.

By Chng Li Li

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