India's fuel demand up by 5% y-o-y in FY24, a new financial year record

In March, India's fuel consumption dipped by 0.6% year-on-year, but for the 2024 fiscal year, it surged by approximately 5%, driven by heightened sales of automotive fuel and naphtha. Preliminary data from the Petroleum Planning and Analysis Cell (PPAC) showed total consumption at 21.09 million metric tonnes (4.99 million barrels per day) in March, a slight decrease from the previous year's 21.22 million tonnes (5.02 mbpd).

Diesel sales, crucial for trucks and commercial vehicles, rose by 3.1% year-on-year in March to 8.04 million tonnes and by 4.4% for the fiscal year. Gasoline sales grew 6.9% in March to 3.32 million tonnes and 6.4% for the fiscal year. Bitumen sales remained steady in March but increased by 9.9% for the fiscal year, while fuel oil usage declined by 9.7% in March and 6.3% for the fiscal year. LPG sales rose 8.6% to 2.61 million tonnes, and naphtha sales saw a significant 5.5% increase to around 1.19 million tonnes compared to the previous year.

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