A recent report revealed a disturbing trend in the anti-peaks for environmental protection and carbon reduction efforts: India’s petrol consumption has more than doubled over the past decade, while diesel consumption has increased by about one-third. The economic newspaper informed about it.
Overall, demand for oil increased by fifty percent. Figures from the Ministry of Petroleum and Natural Gas show that between 2013-14 and 2023-24, annual consumption of petrol increased by 117 per cent, diesel by 31 per cent, jet turbine fuel by 50 per cent and LPG by 82 per cent. message claimed.
However, kerosene consumption fell by 93 percent during the period, which is attributed to the government’s initiative to promote clean cooking through increased access to LPG, he added.
Preference for petrol-powered vehicles has intensified over the past decade, particularly due to deregulation, which has significantly eroded the traditional price advantage previously enjoyed by diesel, ET said, citing sources. The report also suggested that the increase in gasoline consumption is due to factors such as increased car purchases following the Covid-19 pandemic, rising disposable incomes and an aspiring middle class.
Second highest fuel consumption in March
In March 2024, India witnessed the second highest levels of petrol and diesel consumption on record, with aviation fuel consumption at an all-time high, reflecting the country’s rapidly expanding industrial base and growing demand for both personal and commercial mobility.
Data released by the Petroleum Planning and Analysis Cell (PPAC) of the Ministry of Petroleum revealed that total oil demand stood at 21.09 million metric tons (4.99 million barrels per day) in March, slightly lower than the 21.22 million tons (5 .02 mbpd) recorded in the year in the same period last year.
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For the fiscal year ending March 2024, fuel demand hit a record high of 233.276 million tonnes (4.67 mbpd), up from 223.021 million tonnes (4.48 mbpd) a year earlier.
Sales of diesel, used primarily in trucks and commercial vehicles, rose 3.1 percent year-on-year to 8.04 million tons in March and rose 4.4 percent for the full fiscal year.
Meanwhile, gasoline sales rose 6.9 percent year-on-year to 3.32 million tons in March and rose 6.4 percent for the fiscal year.
Aviation fuel consumption was also a record. India’s air passenger market, the fastest growing in the world, consumed 758,000 tonnes of jet fuel, the highest consumption on record. This number represented an 8 percent month-on-month increase and a 10 percent year-on-year increase.
