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India's oil consumption grows at fastest pace in 14 months

Oil demand in India rose 10.3 percent in the first month of 2018, the fourth straight monthly gain.

Total oil consumption expanded at the fastest pace in 14 months to 16.9 million tons from 15.3 million a year ago, according to the oil ministry’s Petroleum Planning and Analysis Cell.

Continuously growing use of cars and two wheelers and the road freight transport improvement after GST have contributed to the high-increase of oil consumption and demand.

The nation’s consumption saw a steep fall in about 13 years when the government demonetized high-value currencies; but it was a passing phase, it is clear.

The government’s incessant efforts to reduce the consumption of oil so that the oil import bill which is a staggering high can be at least reduced to some extent do not seem to have yielded fruits. Neither road congestion nor the carbon footprint has seen even a minimal decline.

Diesel usage gained 14.5 percent to 6.65 million tons Gasoline consumption rose 15.6 percent to 2.09 million tons Demand for liquefied petroleum gas increased 4.6 percent to 2.08 million tons Petroleum coke usage rose 9.2 percent to 1.98 million tons.
The International Energy Agency sees India to be the center of global oil demand growth until 2030. The nation expects to double gasoline and diesel consumption by that year even as it aspires to sell only electric vehicles in 2030. The two fuels account for more than half of India’s oil usage.

The Society of Indian Automobile Manufacturers expects India’s passenger vehicles sales to expand 9 percent in the year ending March.The new goods and services tax does not include oil products at present.


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