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In 2023-24, India's demand for petroleum products is expected to rise by a mid-single-digit percentage, according to Fitch Ratings. This projection indicates a continued growth in the consumption of oil and gas in the country.
Fitch's assessment suggests that despite various factors affecting the global energy landscape, India's appetite for petroleum products remains robust. The anticipated increase aligns with the nation's ongoing economic development and rising energy needs.
India's expanding population, industrial growth, and increasing urbanisation are among the primary drivers of this heightened demand for petroleum products. As the country's economy continues to evolve, its reliance on oil and gas remains crucial for various sectors, including transportation, manufacturing, and power generation.
While acknowledging the growth potential, Fitch also underscores the importance of considering external factors that could influence demand. Factors such as international oil prices, geopolitical tensions, and advancements in alternative energy sources could impact India's petroleum consumption trajectory.
Furthermore, India's energy policies and initiatives aimed at promoting renewable energy sources also play a significant role in shaping the future landscape of the country's energy consumption. The transition towards cleaner energy alternatives could influence the pace and magnitude of growth in petroleum demand.
Fitch's forecast indicates a positive outlook for India's petroleum products demand in the upcoming fiscal year. However, the trajectory of this growth will be influenced by a myriad of factors, including economic conditions, government policies, and global energy trends.
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