India’s demand for refined oil products is likely to see a modest 3% growth in the upcoming financial year 2024-25, as per the data published by the Petroleum Planning and Analysis Cell. The growth will be lowest since FY22.
The country’s demand for petroleum products including jet fuel, diesel, LPG among others is likely to grow to 239 million tonne in the financial year beginning April 1. The country’s consumption of petroleum products stood at 233 million tonne last year, the data showed.
The government has estimated a growth of 2.5% in the consumption of LPG (Liquified Petroleum Gas), while demand for diesel is seen rising 3%. As of November, the country has imported 31.9 million tonne of petroleum products against 44.6 MT in the last fiscal.
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India’s oil demand has been rising and according to the International Energy Agency, the country is likely to be the second-biggest contributor to the global oil demand growth this year after China.
The consumption pattern by the two economies will also determine global crude oil prices which have now moderated after trailing a volatile trajectory in 2023. However, crude prices do remain prone to volatility in FY25 too, experts say.
