REAL-TIME GLOBAL RESEARCH
Tracking Demand
Research evidence excerpt
Tracking Demand
Update
July 7, 2026 01:00 AM GMT
Morgan Stanley Asia (Singapore) Pte.+MIndia Energy | Asia Pacific Mayank Maheshwari
Equity Analyst
Tracking Demand Mayank.Maheshwari@morganstanley.comMorgan Stanley India Company Private Limited+ +65 6834-6719
Pranitha Shetty
India's petroleum product consumption fell 4% YoY to 5.2mbpd in Jun-26, as strong Research Associate
demand for transport fuel (above our estimates) was more than offset by lower Pranitha.Shetty@morganstanley.com +91 22 6118-3022
Hinal Choudharydemand from households and industrial fuel due to constrained propane availability.
Research Associate
Transport demand was led by gasoline (+7% YoY) and diesel (+6% YoY), supported Hinal.Choudhary@morganstanley.com +91 22 6118-2044
by a delayed monsoon vs last year, while jet fuel demand was flat, despite higher Morgan Stanley Asia (Singapore) Pte.+
prices. Vivek Rajamani
Household and industrial fuel demand: Cooking gas demand fell 14% YoY due to Vivek.Rajamani@morganstanley.com +65 6834-6740
LPG supply disruptions and a continued shift to natural gas by industrial users (a Ryan M Heng
trend already reversing, in our view). Industrial fuel demand fell 22% YoY, led by Ryan.Heng@morganstanley.com +65 6834-6465
naphtha (-42% YoY) and lubricants (-6% YoY). Petroleum coke and fuel oil demand
was broadly flat YoY.
Fuel retailers and refiners - key OWs: June quarter fuel retailer losses remain
below market expectations, with transport fuel margins turning positive on lower
crude prices and crude now available at discounts in the physical market. LPG losses India Oil & Gas
continue to moderate. We prefer HPCL and IOCL given their improving refining-to- Asia Pacific
Industry View In-Line
marketing integration and hardware upgrades. See Energy Security in Play and
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