Mumbai, May 15 -- The Organisation of the Petroleum Exporting Countries or OPEC stated in a latest monthly update that India's oil demand inched down by 19 thousand barrels per day (tb/d) or 0.3% in March, y-o-y, from growth of 42 tb/d, y-o-y, seen the previous month. The largest monthly decrease in oil product demand was recorded in the 'other products' category, which offset y-o-y growth in gasoline and LPG. Gasoline demand saw the largest growth, by 54 tb/d, y-o-y, in March, albeit remaining below the growth of 81 tb/d, y-o-y, observed in February. Gasoline consumption was supported by an increase in vehicle sales amid a rise in disposable income and personal mobility.

The outlook for the near term provides further positive signals fo...