A slowdown in economic growth is increasingly taking a toll on India’s domestic consumption of diesel, which has witnessed negative year-on-year growth for two consecutive months, creating a problem of plenty and prompting refiners to find buyers for their surplus cargoes in overseas markets. Higher-than-usual monsoon rains and an extended period of slowing auto sales have added to the woes for diesel, which alone accounts for more than one-third of the overall oil product demand in India. Analysts believe that the domestic diesel demand would only witness a modest recovery in the last quarter of 2019, if at all. “Diesel consumption has been dampened by a slowing economy, coupled with flooding across northern India,” said Lim Jit Yang, adviser for oil markets at S&P Global Platts Analytics . “With diesel posting negative growth for the second consecutive month in September, it has pulled down the average growth […]