India's oil consumption grows at fastest pace in 14 months

Mumbai: The consumption of oil in India increased at the fastest rate in 14 months at 10.3 per cent month-on-month to 16.9 million tonnes in January 2018, as per the Petroleum Planning and Analysis Cell (PPAC), Ministry of Petroleum and Natural Gas, Government of India. The growth was backed by an improvement in road freight transport led by the stabilisation of the new sales tax and increasing use of cars and scooters. India is expected to be the centre of global oil demand growth up to 2030 as it is estimated to double the consumption of gasoline and diesel by that year, as per the International Energy Agency (IEA). The sales of passenger vehicles in India is estimated to increase by 9 per cent year-on-year in FY 2017-18, as per the Society of Indian Automobile Manufacturers (SIAM).

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