India’s petroleum products consumption rises nearly 5% in Q1 FY24
New Delhi: Consumption of petroleum products in India during April-June rose 4.9% year-on-year (YoY) to 58.8 million metric tonne. Data from Petroleum Planning and Analysis Cell (PPAC) showed that the growth was led by a 13.4% growth in jet fuel consumption, followed by an 8.1% increase in diesel use and 6.8% rise in petrol usage. A total of 2 million metric tonne (MMT) aviation turbine fuel (ATF) was consumed during the first quarter of this fiscal, against 1.7 million metric tonne a year ago. Diesel and petrol consumption stood at 23.9 MMT and 9.4 MMT, respectively, during the quarter under review, compared to 22.2 MMT and 8.8 MMT, respectively, a year ago.
The monthly tracker for June released by PPAC, showed that consumption of liquefied petroleum gas (LPG), major part of which consists of domestic cooking gas, rose 2.9% to 67.34 lakh metric tonne in the first three months of this fiscal. During the same period last fiscal, the LPG consumption across the country stood at 65.41 lakh metric tonne. The data gains significance as the rise in petroleum product consumption indicates a growth in vehicular traffic, air traffic and industrial activities.
Last fiscal, India registered record consumption of fuel products on reviving economic activities. The rise in consumption increased although crude imports declined during the first three months of the fiscal. According to the report, crude oil imports in terms of quantity stood at 60.1 MMT, against 60.7 MMT during the same period last fiscal.
In June, petroleum product consumption rose 4.3% with volumes at 19.3 MMT. Demand for transportation fuels fell in June on account of a high base in May. On a year-on-year basis, demand was up by 187,000 b/d, or 4%, according to a
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