India’s fuel consumption rose 8.2% year on year in January
The world’s third largest oil importer and consumer is on the way to posting an oil demand increase of almost 1.2 million barrels per day between 2023 and 2030.
According to the government data reported, India’s fuel consumption rose to 8.2% year-on-year in January facilitated by strong industrial activity. As per the data of PPAC [Petroleum Planning and Analysis Cell] total consumption combined to 20.04 MT in January against 18.51 MT of last fiscal year.
The consumption has been lower by about 0.1 percent on a month-on-month basis following a seven-month high in December at 20.05 MT. The world’s third largest oil importer and consumer is on the way to post an oil demand increase of almost 1.2 million barrels per day between 2023 and 2030 accounting for more than one-third of the projected 3.2 million bpd of global increases in the period.
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Sales of Diesel increased by 3.5% year-on-year to 7.43 MT in January while sales of gasoline in January rose to 9.6% from the previous year to 3.10 MT. Meanwhile, in addition to this, sales of bitumen used for making roads, rose by 11.6% from last January and fuel oil use decreased by 4.7% year-on-year. Cooking gas or liquefied petroleum gas sales rose by 7.6% to 2.70 MT, while naphtha sales rose by 15.2% to about 1.30 MT.
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The electrification of India’s vehicle fleet would lead to more slow growth of around 0.7% annually through 2030 for gasoline. The electric vehicles and energy efficiency improvements in India will avoid 480,000 bpd of extra oil demand from now to 2030. The prediction has highlighted that India’s demand would reach 6.6 million bpd in 2030, up from 5.5 million bpd in 2023.
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