Fuel Demand in India: Fuel demand has increased rapidly in India. According to a data released, the demand for fuel in India has reached a 24-year high. It has been said in the report that this demand has increased due to cheap Russian oil. Fuel consumption rose 5% to 4.82 million barrels pre-day (18.5 million tonnes) in February, a 15th year-on-year increase.
Record hike in fuel price in February
According to the report, gasoline or petrol sales rose 8.9 per cent year-on-year to 2.8 million tonnes in February, while diesel consumption rose 7.5 per cent to 6.98 million tonnes. Whereas jet fuel sales have increased by more than 43 percent to 0.62 million tonnes.
Decreased demand for these things
Fuel sales data shows that the total quantity of gasoline and diesel (HSD) has fallen in February as compared to January and daily consumption has increased. On the other hand, the sale of cooking gas or Liquid Petroleum Gas (LPG) fell by 0.1 per cent to 2.39 million tonnes.
Fuel demand may fall
Another report said demand would peak at 5.17 million barrels per day (bpd) in March and then fall to 5 million bpd in April-May due to a seasonal monsoon-driven slump.
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