India’s March lube demand rises

India’s lubricating oil demand rose in March to a record-high, boosted by a seasonal surge in sales ahead of the end of the country’s financial year.

Lube consumption of 470,000t in March rose by 18pc from 399,000t the previous month, government data showed. Sales also rose for a third straight month from year-earlier levels.

The country’s blenders typically seek to boost sales in the final months of the financial year in order to meet annual sales targets.

Those plans have faced disruptions over the past two years as the Covid-19 pandemic triggered lockdowns at various times during that period.

Blenders have sought to boost sales during the intervening periods in order to meet their targets.

The surge in sales during the first three months of this year followed a 3pc fall in consumption during the second half of last year.

The rise in sales in March boosted total sales to 4.54mn t in the financial year to end-March. The volume rose by 11pc from 4.10mn t the previous year and from 3.83mn t in the twelve months to March 2020.

Lube demand typically falls sharply in the month of April as blenders prepare for the new financial year.