India has cut its annual fuel demand growth estimate to 4.5% for 2017-18 from 5.8%, government data showed, indicating slower economic activity.
The new forecast puts fuel demand growth at its slowest pace in three years. India, the world’s third-biggest oil consumer, is expected to consume 203.4 million tonnes of refined products in the year to March 2018, data posted on the website of the Petroleum Ministry’s Petroleum Planning and Analysis Cell showed. Introduction of a new tax regime had dented India’s economic growth earlier this year. India’s central bank estimates the economy to grow at 6.7% in this fiscal year, its slowest pace in four years.
