India's fuel demand expected to rebound to 3.8% in FY21
Petroleum product demand in 2020-21 is expected to total 222.79 million tonnes, up from 216 million tonnes estimate for the current fiscal, the ministry's Petroleum Planning and Analysis Cell (PPAC) said.
Fuel consumption in the current fiscal ending March 31 will grow by just 1.3 per cent, its slowest pace in six years.
Diesel, the most consumed fuel in the country, is estimated to see a 2.8 per cent growth in FY21 to 86.6 million tonnes as compared with just 0.9 per cent expansion in the current financial year. The growth in diesel demand in 2019-20 is the slowest in five years.
Petrol demand is expected to slow to 8.4 per cent to 33.43 million tonnes, from 9 per cent. Cooking gas LPG demand is estimated to grow by 5 per cent to almost 28 million tonnes in FY21.The slowdown in fuel consumption in the current fiscal is reflective of economic growth dipping to an 11-year low of 5 per cent in 2019-20. ANZ BAL
(This story has not been edited by Business Insider and is auto-generated from a syndicated feed we subscribe to.)
- Which countries are most affected by severe seismic activity? New earthquake metric provides fresh perspective
- Exicom Tele-Systems to raise ₹429 cr via IPO; sets price band at ₹135-142/share
- Kawasaki Ninja 500 sports bike launched in India at ₹5.24 lakh
- Vodafone Idea board to meet on Feb 27 to consider fundraising proposal
- Stocks rebound: Sensex jumps over 500 points, Nifty hits fresh high