Excessive demand for petrol and diesel in India..!?

Demand for fuel in india rose to a 24-year high in February. Not only India's manufacturing sector continues to grow at a fast pace, but due to the availability of discounted crude oil from Russia, fuel prices continue to be sold at the same price, which has led to an increase in demand. As a result, India's fuel demand in february increased by 5 percent compared to last year to 4.82 per day. In the meantime, according to the data collected by the Petroleum Planning and Analysis Cell of the Union oil Ministry, the fuel demand in india has reached the demand level of 1998.
While India's manufacturing sector is growing rapidly on the one hand, domestic consumption remains high on the other. Meanwhile, fuel demand rose 5 percent year-on-year to 4.82 million barrels per day in february due to an increase in the arrival of discounted Russian crude oil, which has resulted in excess crude being refined and stored at retail outlets. Fuel demand will rise to 5.17 million barrels per day. But on a seasonal basis, the daily fuel demand in April-May is likely to decrease to 5 million barrels. In february, petrol consumption in india increased by 8.9 percent to 2.8 million tons. diesel consumption increased by 7.5 percent to 6.98 million tonnes. Similarly, jet fuel used in aviation will increase by 43 percent to 0.62 million tonnes. It is expected that there will be excess demand for jet fuel used in aviation in india throughout the year 2023. Following this, petrol and diesel are expected to get higher consumption measurements, but when looking at the retail fuel sales data, sales in february are lower than in January. The main reason for this is that there are 28 days in february, said Alan Gelder, vice president of Wood Mackenzie. The average fuel demand per day increased during the period. LPG sales declined by 0.1 percent to 2.39 million tonnes compared to the same february 2023 in february 2022. Also, sales of bitumen, which is used to build roads, increased by 21.5 percent in february over January.

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excessive demand

Sowmiya Sriram

10/03/2023 06:31 PM