India’s fuel consumption declined by 0.6 per cent year-on-year (y-o-y) in March. However, demand for the 2024 financial year increased by about five per cent, primarily due to higher sales of automotive fuel and naphtha.
Preliminary data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed that the total consumption, a proxy for oil demand, stood at 21.09 million metric tonnes (4.99 million barrels per day) in March. This was a slight decrease from 21.22 million tonnes (5.02 mbpd) recorded in the same period last year.
