Highest growth in Apr-Jan’24 is recorded in naphtha, at 14.7%
Pet coke consumption growth second-highest at 8.1%
India’s petroleum products consumption remained stable in January 2024 at 20.04 million tonnes (mnt) compared to 20.05 mnt in December 2023. Petroleum products consumption increased by 7.4% in January to 20.04 mnt against 18.66 mnt 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), pet coke and naphtha are the 5 products which contributed over 81% of total consumption of petroleum products.
The maximum y-o-y percentage growth amongst the 5 major products in January was observed for naphtha, at 12.5% followed by pet coke by 10.9%.
On a cumulative basis, over April-January 2024, the highest growth amongst top 5 products was recorded in naphtha, by 14.7%, followed by pet coke, by 8.1%.
The percentage share of consumption for April-January 2024 was highest for HSD at 38.5% as against 38.8% during the same period last year but it registered a nominal increase of 0.3%. The maximum growth in percentage share of consumption amongst the major 5 products was recorded for naphtha, by 0.5% over the same period last year.
The percentage share of pet coke in April-January 2024 increased by 0.2% to 8.4% from 8.2% as compared to the same period last year. Notably, the consumption of pet coke depends on various factors like use in cement manufacturing, which is the largest consumer of this product, to coal which is used as substitute due to overall economic considerations etc. Further, the product mix of refineries is decided on the basis of demand of high-value products.