India, the third-largest user of oil in the world, saw its fuel consumption soar to a record high in March as a result of strong economic growth.
Fuel consumption, a proxy for oil demand, increased by 5% from a year earlier to 4.83 million barrels per day (20.5 million tonnes), the highest level ever recorded according to data from the Petroleum Planning and Analysis Division of the Indian Oil Ministry dating back to 1998. In March, sales of cooking gas, also known as liquefied petroleum gas (LPG), decreased 2.7% to 2.41 million tonnes while sales of fuel, also known as petrol, increased 6.8% to 3.1 million tonnes on an annual basis.
In March, sales of cooking gas, also known as liquefied petroleum gas (LPG), decreased 2.7% to 2.41 million tonnes while petrol sales increased 6.8% annually to 3.1 million tonnes. Other factors could include an increase in oil product shipments to Europe amid Western sanctions against Russia and a travel boom that would increase demand for jet fuel. The world’s fastest-growing economy, India, announced plans to invest billions of dollars in airports, aircraft, and hiring in March as it tries to keep up with the rapidly increasing demand for air travel.