Petrol Consumption: Data published by the Ministry of Petroleum and Natural Gas shows that petrol consumption in India has more than doubled in the last decade. The data shows that between 2013-14 and 2023-24, the country’s annual petrol consumption has increased by 117 per cent, coming at a time when concerns are rising over environmental pollution and the impact of vehicle emissions. .
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This huge increase in petrol consumption in the last decade is a bit disappointing for the efforts towards environmental protection and carbon emission reduction in various sectors including transportation. Petrol is widely used in the Indian transport sector, especially by passenger vehicles. Over the past decade, vehicle sales have grown rapidly, especially since the COVID-19 pandemic, which has significantly increased consumer preference for personal mobility. As a result, the demand for passenger vehicles increased, ultimately the demand for petrol also increased.
Huge increase of 117 percent in annual petrol consumption in the last decade
The data released by the ministry also states that diesel consumption in India has increased by 31 percent between 2013-4 and 2023-24. This means that while annual petrol consumption has increased by a whopping 117 per cent in the last decade, diesel sales have increased by almost a third.
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Increase in petrol vehicles compared to diesel
Diesel vehicles once dominated the Indian passenger vehicle market. However, in the last decade, petrol has left behind the dominance of diesel. The preference for petrol-powered vehicles has increased significantly due to several factors such as relaxation in regulation, increase in disposable income, rise of aspirational middle class consumers, reducing gap between petrol and diesel prices across the country etc.
Highest consumption of petrol and diesel in March 2024
In March 2024, India saw the second-highest level of petrol and diesel consumption, reflecting growing demand for both personal and business mobility. The Petroleum Planning and Analysis Cell (PPAC) of the Ministry of Petroleum and Natural Gas has said that the total fuel demand in March this year stood at 4.99 million barrels per day (MBD), which is slightly lower than 5.02 MBD recorded in the same period last year. Petrol sales increased by 6.9 percent year-on-year (YoY) to 3.32 million tonnes in March 2024, while diesel sales increased by 3.1 percent to 8.04 million tonnes.
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Petrol sales increased by 6.4 percent in the last financial year compared to the previous financial year.
In FY 2024, India’s fuel demand is expected to reach a record 4.67 MBD, up from 4.48 MBD recorded last year. Compared to the previous financial year, petrol sales increased by 6.4 percent in the last financial year, while diesel sales recorded an annual growth of 4.4 percent.
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