-
India Sees 9% Jump in Gasoline Consumption in November
Gasoline sales in India hit 3.42 million metric tons in November, which was a 9.2% increase on the year, the Economic Times has reported, noting diesel demand also grew, with November sales adding 8.4% on the year to 8.158 million tons.
Aviation fuel demand also grew last month, further evidence of India’s growing demand for energy across fuel categories and the growth trajectory of its economy, highlighted by the increase in demand for diesel fuel.
India is the world’s third-biggest importer of crude oil with over 80% of its demand covered by foreign crude. This has made the country highly price-sensitive and open to opportunities to diversify its supply, from both domestic and foreign sources.
Domestic resources may hold significant promise, with up to 22 billion barrels in hitherto unexplored regions of the subcontinent’s sedimentary basin. To tap these, India would need help from Big Oil. Until such time as these reserves are confirmed, India remains reliant on imports—and OPEC production policies.
Last month, the country’s petroleum minister called on the cartel and other producers to get together and discuss ways to stabilize the price of crude. India and other large consumers need predictability and stability in oil prices, Hardeep Singh Puri told Reuters last month on the sidelines of the ADIPEC energy conference in Abu Dhabi.
“I’m hoping as a professional that all the players in this game will see a reason that… both producers and consumers can sit down together, have a discussion on what is a realistic price because it is not as if some production is taken off,” Puri said.
Natural gas demand in India is on a growth trajectory as well. Projections are for twofold growth by 2040 and threefold by 2050, despite a parallel increase in wind and solar capacity for electricity generation as planned by the government.
Share This
