Domestic oil demand growth to halve to 5% in FY24: Govt forecast

Domestic oil demand growth will slow to 5% in 2023-24 after a scorching expansion of nearly 10% in this financial year, the petroleum and natural gas ministry’s Petroleum Planning and Analysis Cell (PPAC) has forecast.

India will consume 233.8 million metric tonnes (MMT) of refined products in 2023-24 compared to the estimated consumption of 222.9 MMT in this fiscal, the PPAC has forecast on its website without offering any explanation for the estimates.