Preliminary government estimates suggest that India’s fuel demand is expected to grow by 5.5% in the next fiscal year beginning April 1, reflecting a pick-up in industrial activity and mobility in Asia’s third-largest economy.
see photosIn the first fortnight of February, the sale of diesel and petrol has also increased compared to the previous month.
Crude oil inflows to Indian refiners rose in January, hitting a 21-month high in November, fueled by fuel demand and the refinery’s strong economic recovery expected to continue. Crude oil inflows, however, declined 0.5% year-on-year to 5.13 million barrels per day (21.71 million tonnes) in January, government data showed on Wednesday. Throughput in January was up 1% from December levels and was close to November’s 5.25 million bpd.
Ehsan Ul Haq, analyst at Refinitiv, said, “It shows continued improvement, although higher oil prices are a drag, the end of COVID-19 restrictions augurs well for demand and crude oil inflows. Preliminary government estimates suggest that April 1. India’s fuel demand is expected to grow by 5.5% in the next financial year starting from 2014, reflecting a pick-up in industrial activity and mobility in Asia’s third-largest economy.Diesel in India in the first fortnight of February compared to the previous month And petrol sales also picked up as states lifted most of the COVID-induced restrictions.
Indian refiners operate at an average rate of 102.6% versus 101.2% in December
Indian refiners operated at an average rate of 102.6% versus 101.2% in December, government data showed. Top refiner Indian Oil Corp (IOC) last month operated its directly owned plants at 98.2% capacity. Reliance, the owner of the world’s largest refining complex, operated its plants at 91.1% capacity in January.
According to the monthly production report released by the Ministry of Petroleum and Natural Gas, processing was also affected due to unit closure at some refineries.
The data showed crude oil production fell about 2.3% on a year-on-year basis to 593,000 barrels per day (2.51 million tonnes), while natural gas production rose 12.2% to 2.86 billion cubic meters.
“Despite the Indian government’s push to boost production, India is dependent on imports, which are likely to increase in the long run due to rising demand,” said Ul Haq.
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