{"id":10655,"date":"2024-05-08T10:50:29","date_gmt":"2024-05-08T10:50:29","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=10655"},"modified":"2024-05-08T10:50:29","modified_gmt":"2024-05-08T10:50:29","slug":"indias-fuel-demand-jumped-6-in-april","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/10655\/","title":{"rendered":"India’s Fuel Demand Jumped 6% In April"},"content":{"rendered":"

RoydadNaft – <\/a><\/span>\u00a0 Fuel consumption in India jumped by 6.1% in April compared to the same month last year, official data showed on Tuesday, as demand in the world’s third-largest crude oil importer continues to grow this year.<\/p>\n

Total fuel consumption, often used as a proxy for oil demand, increased to 19.858 million metric tons last month, according to data released by the Oil Ministry’s Petroleum Planning and Analysis Cell (PPAC).<\/p>\n

India’s fuel demand has been strong over the past year, reaching a record-high in the financial year 2023\/2024 ended in March.<\/p>\n

Fuel sales inched down in March 2024, but rebounded year-on-year in April, according to the latest official data.<\/p>\n

Earlier this year, fuel consumption jumped by 5.7% in February compared to the same month of 2023.
\nHigh factory activity and increased demand for trucks drove the higher diesel consumption in India in February.<\/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

India’s petroleum ministry has estimated that India’s fuel demand will continue growing and increase by 2.7% in the 2024-2025 fiscal year beginning on April 1. Gasoline consumption in India is set to increase by 5.4% and demand for diesel \u2013 the top-selling fuel in the world’s third-largest crude oil importer \u2013 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 the single biggest driver of global oil demand, replacing China, analysts and forecasters say.
\nIndia’s economy has grown at a robust pace over the past year. Meanwhile, growth in other major economies-including China-has sputtered.<\/p>\n

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

Updated on