India’s demand for fuel reaches new record high in 2023-24

India’s consumption of petroleum products hit a record level of 233.276 million tons in the financial year ending March 31, 2024, a 5% increase from the previous year. Sales of diesel, petrol, LPG, and bitumen all saw significant growth, reflecting a boost in economic activity.

Diesel sales, crucial for the transportation and agriculture sectors, rose by 4.4% in 2023-24. Meanwhile, the demand for petrol increased by 6.4% as sales of cars and two-wheelers surged. Bitumen sales also saw a significant rise of 9.9% due to infrastructure projects aimed at boosting economic growth.

Despite the overall increase in consumption for the year, the total consumption of petroleum products for the month of March was slightly lower at 21.09 million metric tons compared to the previous year’s 21.22 million tons. This slight decrease may be attributed to various factors affecting demand in the market.

The rise in consumption of petroleum products signals a growing economy in India, with increased activity across various sectors. As the government continues to focus on infrastructure and economic growth, the demand for petroleum products is expected to remain strong in the coming years.