Petroleum demand set to rebound 10% next fiscal

NEW DELHI: Despite a sharp rise in retail fuel costs due to a high taxation and a rebound in crude oil prices, India’s petroleum product demand is expected to rise by 10 per cent during the next financial year (2021-22). According to the oil ministry’s Petroleum Planning and Analysis Cell, a reflating economy driving petrol and diesel sales will likely result in petroleum product consumption breaching 215.24 million tonnes in FY22 a six-year high.