India may witness Fuel Demand growth up by 2.7% in 2024-25 fiscal year

The nation is expecting to witness a fuel demand growth to increase by 2.7% in the upcoming fiscal year beginning on April 1 as per the data released by PPAC [Petroleum Planning and Analysis Cell].

India may witness Fuel Demand growth up by 2.7% in 2024-25 fiscal year

New Delhi: According to the recent data issued, Gasoline consumption in India is set to increase by 5.4% to 39.2 million tonnes and demand for diesel which is recognized to be the top-selling fuel in the world’s third largest crude oil importer is anticipated to surge by 2.7% to 92.4 million tonnes in FY 24-25. The fuel consumption official data revised an increment of 238.954 million tonnes from current estimates of 232.561 million tonnes.

The PPAC is a fundamental unit of India’s oil ministry campaign. It releases a comprehensive compilation of the latest analytical figures related to oil and gas operations and consumptions. Meanwhile, the linear consumption of jet fuel and bitumen is also expected to grow by 8% and 3.4%, respectively.

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India’s fuel demand hit a seven-month high in December 2023 with consumption on the list was grown by 6.2% as compared to November and 2.6% in December 2022.

India will be boosting the oil demand growth through 2045 and will add nearly 6.6 million bpd to oil demand over the expected period as per OPEC outlook assessment. On a sequential basis, consumption has nearly increased by 5.4%. The demand for middle distillate is all together has driven approximately 53% of combined Indian oil demand growth in 2023, with gasoline and naphtha combines to contribute a 28% surge.

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OPEC in a monthly report has forecasted to kept the world’s oil demand to be around 2.46 million bpd in 2023 while in the next fiscal it has projected a growth of 2.25 million bpd in 2024.

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