11NOV2019 - NEWS - India pushes diesel exports as economic woes create problem of plenty

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A slowdown in economic growth is increasingly taking a toll on India’s domestic consumption of diesel, which has witnessed negative year-on-year growth for two consecutive months, creating a problem of plenty and prompting refiners to find buyers for their surplus cargoes in overseas markets.

Higher-than-usual monsoon rains and an extended period of slowing auto sales have added to the woes for diesel, which alone accounts for more than one-third of the overall oil product demand in India. Analysts believe that the domestic diesel demand would only witness a modest recovery in the last quarter of 2019, if at all.

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