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Fuel exports surged in December

India’s refined fuel exports increased by 24.2% YoY in December to reach 6.46 million tonnes, exhibiting the fastest growth since October 2016, according to data from the petroleum ministry. The country also revised its growth forecast for fuel consumption downward to a six-year low of 1.3% in 2019-20. This was led largely by the fall in estimated diesel consumption, which is directly linked to industrial activity. Slowing of local demand is leading to a surge in exports, which rose for the fourth successive month in December. Diesel accounted for a major share of 3.14 million tonnes of exports.