Fuel demand in India declines in July so far adding to oil's gloom: Report

India’s gasoline and diesel sales during the first half of July dropped from last month as seasonal rains curtailed demand in the world’s third-biggest energy consumer, that could help keep a lid on oil prices.

The three biggest retailers sold 1.28 million tons of gasoline during July 1-15, down about 8% from the corresponding period in June, according to refinery officials with knowledge of the matter. Diesel sales fell almost 14% from last month, said the people, who asked not to be identified discussing unpublished data.

The retracement in India’s fuel demand adds pressure on the price of oil amid rising pessimism