Indian Economy News

April fuel consumption rises by 6.1% year-on-year: Oil Ministry data

India's fuel consumption surged by 6.1% year-on-year in April, reflecting the country's status as the world's third-largest oil importer and consumer. This increase, totalling 19.86 million metric tons, was attributed to heightened activity preceding nationwide elections. ICRA forecasts a 3%-4% growth in fuel demand, largely driven by petrol and diesel, alongside notable growth in air travel. Diesel sales rose 1.4%, while gasoline sales soared 14%. However, bitumen demand dropped over 5%, while cooking gas and naphtha sales increased. Despite a 16% decline in fuel oil usage, India's economy remains robust, with a projected 6.5% GDP expansion for the fiscal year.

The growth in India's manufacturing sector slightly slowed in April, yet demand remained strong, prompting increased procurement of raw materials. This underscores India's economic resilience and pivotal role in global energy markets.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.