Naphtha records highest growth in Apr-Jan’24 at 14.6%
India’s petroleum products consumption dropped by 1.6% m-o-m in February 2024 to 19.72 million tonnes (mnt) compared to 20.04 mnt in January 2024. Petroleum products consumption increased by nearly 7% in January to 19.72 mnt against 18.50 mnt in the same month last year.
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 m-o-m percentage growth amongst the 5 major products for February, 2024 was observed in naphtha by 12.5% followed by MS by 8.9% over same month last year.
On cumulative basis for April-February 2024, the highest growth amongst top 5 products was recorded in naphtha by 14.6%, followed by petcoke by 6.4%.
The percentage share of consumption for April-February 2024 was highest by HSD by 38.5% against 38.7% during the same period last year, but it registered a nominal increase of 0.2%. The maximum growth in percentage share of consumption amongst major 5 products was recorded by naphtha by 0.5% over last year same period.
The share of petcoke in April- February 2024 increased to 8.2% of total consumption 19.72 as against 8.1% of same period last year. Notably, the consumption of pet coke depends on various factors like use in cement manufacturers, which are the largest consumer of petcoke, 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.
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).