SteelMint

India: Consumption of petroleum products rise 7% m-o-m in Mar’24

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by

Rupesh Nanwani
in

India’s petroleum products consumption increased by 7% m-o-m in March 2024 to 21.09 million tonnes (mnt) compared to 19.72 mnt in January. Petroleum products consumption increased by nearly 2.9% in March to 21.09 mnt against 20.50 mnt in the same month last year.

HSD (high speed diesel), MS (motor spirit), LPG (liquified petroleum gas), pet coke and naphtha are the five products which contributed over 81% of total consumption of petroleum products.

The maximum percentage growth amongst the five major products in March was observed for pet coke by 14.4% followed by MS by 8.9% over same month last year.

On a cumulative basis for FY’24, the highest growth amongst top 5 products was recorded in naphtha by 13.7%, followed by petcoke by 7.0%.

The percentage share of consumption for FY’24 was highest for HSD by 38.4% against 38.6% 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 five products was recorded by naphtha at 0.5% y-o-y.
The share of pet coke in April 2023-March 2024 increased to 8.2% of total consumption 23.3 as against 22.23% of 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 pet coke, to coal which is used as substitute due to overall economic considerations. 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).