India's oil consumption rises in March as economy recovers
The nation’s total oil consumption expanded to 18.6 million tons in the month from 17.4 million a year ago, according to the oil ministry’s Petroleum Planning & Analysis Cell. India’s oil demand rose for the seventh straight month in March.
Demand for diesel, which accounts for about 40% of India’s oil consumption, increased 8 percent to 7.35 million tons. India’s oil demand had shrunk for the third consecutive month in March last year following the government’s crackdown on high-value currency notes in November 2016.
Gasoline consumption was about 14% higher at 2.4 million tons Liquefied petroleum gas usage gained 9% to 2.1 million tons Demand for petroleum coke expanded 6.5% to 2.3 million tons Oil demand in the financial year to March increased 5%; diesel grew 6.6% and gasoline expanded 10%.India’s economic growth has picked up in recent months with the country’s central bank last week raising its outlook for gross domestic product growth to 7.4% in the year that started April 1 from 6.6% in the previous year.
Rising income levels have boosted oil demand in the country as the sales of scooters and trucks grew. India’s car sales increased 8 percent in the year ended March, while that of trucks and buses rose about 25% from a year ago, according to the Society of Indian Automobile Manufacturers.
