Tracking Demand

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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