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| Photo Credit: The Hindu
India’s fuel demand is probably going to grow 4.7% in the next fiscal year starting on April 1, preliminary authorities estimates confirmed.
Fuel consumption in 2023-24, a proxy for oil demand, might rise to 233.8 million tonnes from the revised estimate of 222.9 million tonnes for the present fiscal year ending in March, in accordance to authorities forecasts. The estimates have been launched on the web site of the Petroleum Planning and Analysis Cell (PPAC), a unit of the Ministry of Petroleum and Natural Gas.
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India is the world’s third-biggest oil importer and shopper. Domestic demand for petrol, used primarily in passenger autos, is predicted to rise by 7.1% to 37.8 million tonnes, whereas diesel consumption was seen rising by about 4.2% to 90.6 million tonnes, the knowledge confirmed.
Indian state refiners’ petrol and diesel gross sales rose in the first two weeks of February from the similar interval final month, preliminary knowledge confirmed, boosted by a decide up in transport of products and mobility.
Consumption of aviation fuel would seemingly improve by 14% to 8.6 million tonnes, in contrast with the revised estimate of seven.4 million tonnes for the year ending March 2023.
Demand for pet coke, a better-burning various to coal, might improve 5.8% to 19 million tonnes, whereas demand for liquefied petroleum gasoline (LPG), used as cooking fuel, is estimated to grow 1.7% to 29.1 million tonnes, PPAC mentioned.
