According to initial government projections, India’s fuel consumption can witness a rise by 9.8% in the year to March 2022, its highest growth pace in six years, led by robust demand for gasoline and gasoil in Asia’s third-largest economy.
The expectation of higher fuel consumption, a proxy for oil demand, leads to a sharp recovery in the economy’s industrial activity walloped by the pandemic.
Petroleum Planning Analysis Cell (PPAC) revealed that India could consume 215.24 million tonnes of refined fuels in the financial year 2021/22 compared to the revised estimate of 195.94 million tonnes in 2020/21.
India’s economy has witnessed growth in the three months to December, with its GDP rising 0.4% compared with the same period a year earlier.
It has been expected that recovery will gather pace as consumers and investors shake off the coronavirus pandemic’s consequences.
In the first ten months of this fiscal year, i.e., From April 2020 to January 2021, India’s fuel consumption got lowered by 13.5% as lockdown measures to stem the spread of COVID-19 hit demand, the world’s third-biggest oil consumer.
The rise in India’s fuel consumption will support the global oil markets. The nation has seen as the chief driver of increasing demand for energy over the next two decades, the International Energy Agency said in January.
As per the data, local sales of gas oil and gasoline, which collectively account for half of India’s overall refined fuel sales, are projected to rise by 13.3% each.
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