India’s annual diesel consumption is expected to rise by 3%-4% in the current fiscal year to March 31, said V. Satish Kumar, chairman of Indian Oil Corp (IOC) IOC.NS.

India’s annual diesel demand in April-September, half of this fiscal year, rose 1% to 44.4 million tons, according to government data, even though heavy rains curtailed the movement of trucks.

“There will be a pick up in diesel consumption from October as rains have stopped and crop harvesting has begun,” V. Satish Kumar told reporters on the sidelines of an event organised by the World Biogas Association.

IOC is India’s largest fuel retailer and refiner.
Source: Reuters (Reporting by Nidhi Verma in New Delhi, writing by Yagnoseni Das in Bengaluru; Editing by Sonia Cheema)