India Oct Oil Product Sales Snap 2-Month Fall.

India's domestic oil product sales in October snapped a two-month declining trend to rise an annual 1%, with demand in the expanding economy recovering as the monsoon season came to an end.

Local oil product sales, a proxy for domestic oil demand in Asia's third-largest oil consumer, rose to 11.65 million tonne in October, government data showed on Tuesday.

The chief economic adviser to the finance ministry said December quarter economic growth could be better then 8.9% of September quarter.

India's infrastructure output, which accounts for 26.7% of India's industrial output, rose 7% in October, faster than an upwardly revised annual growth of 2.7% in September.

Growth in diesel sales, which make up a third of refined products, eased to an annual 4% as the extended monsoon season cut demand from farms and industry. Last October, they had grown an annual 12.5%.

Petrol sales rose an annual 7% in October, helped by a 37.9% jump in car sales in the month.

The Indian government estimates domestic oil product demand will rise 5.7% in the current fiscal year.

India's crude imports declined an annual 23.4% to 10.14 million tonne or about 2.40 million barrels per day in October when Indian refiners processed 4.8% less oil versus a year ago.

Crude imports by Reliance Industries, owner of the world's biggest refining complex, fell 17% from a year ago.

The sales data for September does not include estimated imports and exports for Reliance's export-focused 580,000 bpd refinery at Jamnagar.

Diesel exports fell 70% in October, while petrol exports were down 50.4% from a year ago. Oil products import rose 44.3% while exports fell 45% from a year ago.

Source : moneycontrol.com