News > India's October crude oil demand gets festive season boost: S&P Global Commodity Insights

India's October crude oil demand gets festive season boost: S&P Global Commodity Insights

The Free Press Journal | 15/11/2022 09:07 PM | Click to read full article

India's oil product demand during October increased month-on-month by 113,000 barrels per day, supported by an uptick in economic activities in the post-monsoon season and the Diwali festival. After two consecutive cuts in windfall taxes to nil for ATF, gasoline and USD 10 /barrel for gasoil exports, the Indian govt. started raising the export taxes again from mid-Oct. The tax on ATF exports was raised to USD 7 per barrel mid-Oct with a subsequent review to USD 10 /barrel beginning Nov 1.

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