Petro product sales grow at fastest pace in 2 years

March 20, 2015 11:03 am Published by

Consumption of petroleum products grew more than 9% in February, the highest in two years, indicating an uptick in economic activity and rising car sales on the back of low oil prices.

According to provisional data gathered by Petroleum Planning and Analysis Cell, the oil ministry’s market monitor, consumption of motor fuel and other petroleum products stood a tad over 14 million tonnes in February, compared to 12.8 million tonnes a year ago. In January, consumption was estimated at 13.9 million tonnes.

Consumption in China is estimated to be growing by around 7%, which is being attributed to moderation in economic growth. At the same time, some experts reckon that the Chinese economy has become more energy efficient.

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This post was written by Atlantic Admin