Fuel demand breaks records in February, reaches 24-year high

Fuel Demand in India: Fuel demand has increased rapidly in India. According to a data released, the demand for fuel in India has reached a 24-year high. It has been said in the report that this demand has increased due to cheap Russian oil. Fuel consumption rose 5 per cent to 4.82 million barrels pre-day (18.5 million tonnes) in February, a 15th year-on-year increase.

The demand has been recorded more than 1998 in the data compiled by the Petroleum Planning and Analysis Cell (PPAC) of the Indian Oil Ministry, said a Reuters report. Kpler’s lead crude analyst Victor Catona said that this demand has been strong during February and still consumption in the country is increasing. In such a situation, its demand is likely to increase further.

Record hike in fuel prices in February

According to the report, sales of gasoline or petrol rose 8.9 per cent year-on-year to 2.8 million tonnes in February, while diesel consumption rose 7.5 per cent to 6.98 million tonnes. At the same time, the sale of jet fuel has increased by more than 43 percent to 0.62 million tonnes. This is a record increase in the price of jet fuel.

Decreased demand for these things

Fuel sales data shows that the total quantity of gasoline and diesel (HSD) has fallen in February as compared to January and daily consumption has increased. On the other hand, the sale of cooking gas or Liquid Petroleum Gas (LPG) fell by 0.1 per cent to 2.39 million tonnes.

Fuel demand may fall

Another report said demand would peak at 5.17 million barrels per day (BPD) in March and then fall to 5 million bpd in April-May due to a seasonal monsoon-driven slump.

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