India expects fuel demand to grow 5.5% in the next fiscal year

NEW DELHI: India's fuel demand is probably going to grow 5.5 per cent in the next fiscal year starting April 1, preliminary authorities estimates present, reflecting a pick-up in industrial exercise and mobility in Asia's third largest financial system after months of stagnation.India's fuel consumption in 2023-23, a proxy for oil demand, may rise to 214.5 million tonnes from the revised estimates of 203.3 million tonnes for the present fiscal year ending March 2023, in accordance to authorities forecasts.The estimates have been launched on the web site of the Petroleum Planning and Analysis Cell (PPAC), a unit of the federal oil ministry.Local demand for gasoline, used primarily in passenger automobiles, is anticipated to rise by 7.8 per cent to 33.3 million tonnes, whereas gasoil consumption was slated grow by about 4 per cent to 79.3 million tonnes, the information confirmed.Consumption of aviation fuel would doubtless enhance by almost 50 per cent to 7.6 million tonnes, in contrast with the revised estimate of 5.1 million tonnes for the year ending March 2023.Demand for petcoke, a better-burning various to coal, may enhance 2.8 per cent to 14.8 million tonnes, whereas demand for liquefied petroleum fuel, used as cooking fuel, is estimated to grow 4.5 per cent to 29.7 million tonnes, PPAC mentioned.