India’s August lube demand rises

India’s lubricating oil demand rose to a five-month high in August, mirroring a sustained rise in the country’s diesel consumption and automobile sales.

Lube consumption of 324,000t in August rose from 306,000t the previous month and by 33pc from year-earlier levels, government data showed.

The rise in demand lifted total consumption to almost 2.70mn t in the first eight months of the year. The volume was almost the same as year-earlier levels.

The steady consumption reflected a pick-up in demand in recent months that balanced out weaker consumption at the start of the year.

Demand had lagged year-earlier levels by 9pc in the first four months of the year.

Firmer demand sustained blenders’ requirements for growing base oils supplies from domestic and overseas sources.

It contrasted with weaker-than-expected lube consumption in other markets like China.