India’s fuel demand hit its highest degree in at least 24 years in February, data confirmed on Thursday, with industrial exercise in Asia’s third greatest economic system boosted by low cost Russian oil.
Consumption of fuel, a proxy for oil demand, rose by greater than 5% to 4.82 million barrels per day (18.5 million tonnes) in February, its fifteenth consecutive year-on-year rise, data confirmed.
Demand was the very best recorded in data compiled by the Indian Oil Ministry’s Petroleum Planning and Analysis Cell (PPAC) going again to 1998.
The energy highlights a mix of worthwhile refining from report Russian crude imports in February, whole utilization for main distillation throughout India and still-robust home consumption, stated Viktor Katona, lead crude analyst at Kpler.
Katona forecasts demand in March at 5.17 million barrels per day (bpd) after which the seasonal monsoon-driven slowdown will result in it to drop to five million bpd in April-May.
Sales of gasoline, or petrol, rose 8.9% year-on-year to 2.8 million tonnes in February, whereas diesel consumption climbed 7.5% to six.98 million tonnes.
Sales of jet fuel jumped greater than 43% to 0.62 million tonnes, the data confirmed.
“For 2023, the strongest demand progress charge is projected to be in jet fuel, adopted by gasoline after which diesel/fuel oil,” stated Alan Gelder, VP Refining, Chemicals and Oil Markets at Wood Mackenzie.
While fuel gross sales data confirmed whole volumes of each gasoline (motor spirit) and diesel (HSD) fell in February relative to January, they grew strongly on a every day consumption foundation as February is a brief month, Gelder famous.
Cooking fuel, or liquefied petroleum fuel (LPG), gross sales slipped by 0.1% to 2.39 million tonnes.
Sales of bitumen, which is used for constructing roads, jumped 21.5% month-on-month, whereas fuel oil use declined barely greater than 5% in February, in contrast with January.
(Only the headline and movie of this report might have been reworked by the Business Standard employees; the remainder of the content material is auto-generated from a syndicated feed.)
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