Fuel demand in India, the world's third-largest crude oil importer, witnessed a 3.2% year-on-year increase in January 2025. Although consumption declined from December 2024's holiday-driven surge, diesel and gasoline demand saw robust growth. This surge in demand positions India as the leading driver of global oil demand growth, outpacing even China's projections.
Fuel demand in India, the world’s third-largest crude oil importer, increased by 3.2% in January from a year earlier, although consumption was lower compared to December 2024, when holiday travel and the end of the monsoon season resulted in a surge in demand. India’s fuel consumption, used by analysts as a proxy for demand, stood at 20.49 million metric tons in January 2025, up from January 2024, but down from the December figure of 20.73 million tons, government figures showed on Friday.
The solid increase in December demand came after months of tepid consumption on the back of seasonal factors during the monsoon season, there is not as much travel in India. There is also subdued agricultural activity during the monsoon, which affects diesel demand. India’s oil demand growth is already exceeding Chinese demand growth. India is expected to account for 25% of global oil demand growth this year, the U.S. Energy Information Agency EIA said in December.
INDIA FUEL DEMAND DIESEL GASOLINE OIL DEMAND ENERGY
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