Sales of petrol rose 8.9% year-on-year to 2.8 million tonnes in February, whereas diesel consumption climbed 7.5% to six.98 million tonnes.
Consumption of gasoline rises over 5% to 4.82 million barrels per day in February, its fifteenth consecutive year-on-year rise
India’s gasoline demand hit its highest stage in not less than 24 years in February, knowledge confirmed on Thursday, with industrial exercise in Asia’s third largest economic system boosted by low cost Russian oil.
Consumption of gasoline, a proxy for oil demand, rose by greater than 5% to 4.82 million barrels per day (18.5 million tonnes) in February, its fifteenth consecutive year-on-year rise, knowledge confirmed.
Demand was the very best recorded in knowledge compiled by the Indian Oil Ministry’s Petroleum Planning and Analysis Cell (PPAC) going again to 1998.
The power highlights a mix of worthwhile refining from report Russian crude imports in February, complete utilization for major distillation throughout India and still-robust home consumption, stated Viktor Katona, lead crude analyst at Kpler.
Katona forecasts demand in March at 5.17 million barrels per day (bpd) after which the seasonal monsoon-driven slowdown will result in it to drop to five million bpd in April-May.
Sales of gasoline, or petrol, rose 8.9% year-on-year to 2.8 million tonnes in February, whereas diesel consumption climbed 7.5% to six.98 million tonnes.
Sales of jet gasoline jumped greater than 43% to 0.62 million tonnes, the information confirmed.
“For 2023, the strongest demand development price is projected to be in jet gasoline, adopted by gasoline after which diesel/fuel oil,” said Alan Gelder, VP Refining, Chemicals and Oil Markets at Wood Mackenzie.
While fuel sales data showed total volumes of both gasoline (motor spirit) and diesel (HSD) fell in February relative to January, they grew strongly on a daily consumption basis as February is a short month, Gelder noted.
Cooking gas, or liquefied petroleum gas (LPG), sales slipped by 0.1% to 2.39 million tonnes.
Sales of bitumen, which is used for building roads, jumped 21.5% month-on-month, while fuel oil use declined slightly more than 5% in February, compared with January.
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