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The demand for oil products in India jumped by 256,000 barrels per day (b/d) month over month in February and by 132,000 b/d year over year. The consumption of each product increased in February, with the exception of fuel oil and a few other small items. According to S&P Global Commodity Insights, the two commodities with the most year-over-year growth were LPG and gasoil/diesel.
Fuel oil consumption remained moderated as utilities and industries surged usage of alternate sources, offsetting the impact of rising bunkering demand, it added. Diesel consumption In February increased by 2.6% on year and on month by 126,000 b/d as winter fog receded and mobility picked up momentum. Further, with normalisation of weather, industrial and construction activities saw an uptrend leading to higher gasoil use, S&P Global Commodity Insights Senior Analyst- South Asia Oil Markets Himi Srivastava said.
The truck drivers’ strike in January had also led to lower demand in that month which improved in February showing a higher on-month increase, she added. “Overall, gasoil demand is expected to remain elevated in Q1 and register a growth of 60,000 b/d on year while Q2 is expected to see an increase of 75,000 b/d on the back of harvesting activities picking up, along with the election period in India.
For 2024, diesel/gasoil will remain the most consumed fuel in the country and is also expected to be the largest contributor to growth,” Srivastava said. Total jet fuel and kerosene demand was at 202,000 b/d in February, up by 16,000 b/d on year as strength in air traffic continued after a slight drop in January due to unfavourable weather.
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