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Economic activities pick up pace, fuel demand in the country is expected to increase by 5.5 percent in the next financial year

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new Delhi . Fuel demand in the country is expected to grow by 5.5 per cent in the fiscal year 2022-23, starting April 1, with economic activity picking up. According to the Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum, fuel consumption is estimated to increase to 214.5 million tonnes in 2022-23. It is likely to be 203.22 million tonnes in the current financial year ending March 2022.

In the financial year 2019-20, the consumption of fuels like petrol, diesel and LPG in the country was 214.1 million tonnes. The demand for petroleum products grew by 4.9 per cent in the first nine months of the current financial year. Fuel consumption stood at 148.3 million tonnes in April-December 2021.

Petrol consumption estimated to increase by 7.8 percent to 33.30 million tonnes
The consumption of petroleum products in the country was 194.3 million tonnes in 2020-21. During this, a ‘lockdown’ was imposed to prevent the spread of the Kovid-19 epidemic, which affected economic activities. According to PPAC, the consumption of petrol in the next financial year 2022-23 is estimated to increase by 7.8 percent to 33.30 million tonnes. At the same time, diesel sales are expected to increase by 3.9 percent to 793 million tonnes.

Also read- LPG Price Hike: Cooking will become costlier from April 2022, the price of LPG may double

LPG demand
Aircraft fuel (ATF) consumption is projected to increase by 49 per cent to 7.6 million tonnes in 2022-23. However, this is less than the pre-epidemic level of 8 million tonnes. The demand for cooking gas (LPG) is expected to grow by 4.5 per cent to 29.6 million tonnes in the next financial year.

According to PPAC, kerosene or kerosene sales are expected to remain stable at 1.5 million tonnes, while naphtha consumption is expected to rise by 3.3 per cent to 15 million tonnes. Petcoke demand is expected to increase by 2.8 per cent to 14.8 million tonnes. At the same time, the sale of coal tar is estimated to increase by 1.8 percent to 79 lakh tonnes.

Tags: economic growth, Economic Reform, fuel price hike, LPG, Petrol and diesel

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