India’s petroleum products consumption increased by 2.6% in December 2023 at 20.05 million tonnes (mnt) compared to 19.54 mnt seen in the same month last year.
The total consumption of all petroleum products includes domestic sales by oil companies, direct imports and sales by SEZ units in the domestic tariff area (DTA).
HSD (High Speed Diesel), MS (Motor Spirit), LPG (Liquified Petroleum Gas), petcoke and naphtha — these 5 products have contributed over 80% of total consumption of petroleum products.
The maximum percentage growth amongst the 5 major products for December’23 was observed in naphtha by 27.5% followed by petcoke by 12.6% over same month last year.
On cumulative basis for April-December’23, the highest growth amongst top 5 products was recorded in naphtha by 15.0%, followed by petcoke by 7.7%.
The percent share of consumption for April-December’23 was highest by HSD by 38.7% against 38.8% of last year same period, a nominal increase by 0.2%. The maximum growth in percent share of consumption amongst major 5 products was recorded by naphtha by 0.5% over last year same period.
The percent share of petcoke in April-December’23 has marginally increased by 0.2% to 8.4% from 8.2% as compared to same period last year. Notably, the consumption of petcoke depends on various factors like use in cement manufacturers, which are the largest consumer of this product, to coal which is used as substitute due to overall economic considerations etc. Further, product mix of refineries are decided on the basis of demand of high value products.