Energy surge: Oil and gas sector set for good growth in FY24, FY25
Expansion of city gas distribution (CGD), increased activity in refineries and petrochemicals sector, and higher power generation amid moderating gas prices will support a broad-based increase in consumption of natural gas in India through the next financial year.
Overall, consumption is estimated to rise 10-15 per cent in the financial year 2023-24 (FY24) and 5-10 per cent in FY25.
Multiple supporting factors are at play here, including deepening penetration, moderating prices and growing segmental consumption. Lower gas prices, both domestically and globally, coupled with enhanced domestic availability, are also expected to support demand growth.
