* India, Vietnam step up gasoil purchases * MRPL idles refinery because of water shortages * Incremental demand may fade once rains set in Hit hard by an El Nino-induced drought, some Asian countries are witnessing an unusual spike in gasoil demand for power generation with water shortage severely curtailing hydro power generation, especially when the crop season is drawing near. Analysts said that while India, Pakistan and Vietnam are witnessing a spike in demand, Malaysia is also facing dry weather in many areas but has not yet boosted gasoil imports. The market, though, is keeping a close eye on any additional demand from Malaysia. “Across Asia, we have seen a significant switch to diesel in the power sector due to the drought. We have also seen air conditioning demand soar, supporting gasoil demand further,” said Amrita Sen, Chief Oil Analyst at Energy Aspects. Article Continues below… Oilgram News […]