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India’s local fuel sales increased at their slowest pace in more than a decade in the year to March, reflecting the sluggish growth of its economy and manufacturing activity. India’s economic growth has almost halved to below 5 percent in the past two years on weak investments and consumer demand, the worst slowdown for the south Asian nation since the 1980s. 

Local oil product sales, a proxy for oil demand in the world’s fourth-largest oil consumer, rose 0.7 percent to 158.2 million tons in fiscal year 2013/14, according to the data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry.

It was the slowest pace of growth since a 0.4 percent rate was registered in 2001/02.  Diesel consumption, which accounts for over 40 percent of local fuel sales, declined 1 percent in the year, its first fall in more than a decade, the data showed.

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