{"id":10064,"date":"2024-03-08T11:52:49","date_gmt":"2024-03-08T11:52:49","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=10064"},"modified":"2024-03-08T11:52:49","modified_gmt":"2024-03-08T11:52:49","slug":"indias-fuel-demand-jumps-as-its-economy-roars","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/10064\/","title":{"rendered":"India\u2019s Fuel Demand Jumps As Its Economy Roars"},"content":{"rendered":"

RoydadNaft – <\/a><\/span>\u00a0India’s fuel consumption jumped by 5.7% in February compared to the same month of 2023, data from the Ministry of Petroleum and Natural Gas showed<\/a>\u00a0on Thursday.<\/p>\n

Total fuel consumption in the world’s third-largest crude oil importer rose to nearly 5 million barrels per day (bpd), or over 19.7 million metric tons, last month, per data from the ministry’s Petroleum Planning and Analysis Cell (PPAC) published today.<\/p>\n

That’s a 5.7% yearly increase and a rise of 5.1% on a per-day basis compared to January, when consumption was higher overall compared to February, but estimated at 4.74 million bpd by\u00a0Reuters<\/a>, due to the higher number of days in the month of January.<\/p>\n

Sales of diesel, the most widely used fuel in India, jumped by more than 6% in February 2024 compared to both February 2023 and on a daily basis comparison with January 2024.<\/p>\n

High factory activity and increased demand for trucks drove the higher diesel consumption in India last month.<\/p>\n

The country’s diesel demand is all but certain to hit a new record high later this year, exceeding 2 million bpd for the first time ever in June, Viktor Katona, lead crude analyst at Kpler, told Reuters.<\/p>\n

Earlier this year, India’s petroleum ministry estimated that India’s fuel demand would continue growing and\u00a0increase by 2.7%<\/a>\u00a0in the 2024-2025 fiscal year beginning on April 1. Gasoline consumption in India is set to increase by 5.4% and demand for diesel – the top-selling fuel in the world’s third-largest crude oil importer – is expected to grow by 2.7% in 2024-2025, according to the government data.<\/p>\n

Before the end of this decade, India is set to become\u00a0the single biggest driver<\/a>\u00a0of global oil demand, replacing China, analysts and forecasters say.<\/p>\n

India’s economy has grown at a robust pace over the past year. Meanwhile, growth in other major economies-including China-has sputtered. High GDP growth, industrialization, urbanization, and a rising number of middle class in India are all expected to shift the key oil demand growth driver from China onto India.<\/p>\n

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