Holiday travel boosts gasoline and diesel demand in India, propelling the country to become the world's largest driver of oil demand growth, surpassing China.
Holiday travel in India last month led to a surge in demand for gasoline and diesel. Gasoline demand jumped 9.8% to 2.99 million tons in December, while diesel demand rose 4.9% to 7.07 million tons, according to the Economic Times, citing data from state-owned refiners. This strong increase follows months of slower consumption due to seasonal factors like the monsoon season, which typically reduces travel and agricultural activity.
Diesel remains the most consumed fuel in India, accounting for 40% of oil product consumption, with the transport sector responsible for 70% of national diesel sales. India is poised to become the world's largest driver of oil demand growth, surpassing China. The country is expected to account for 25% of global oil demand growth this year and next, according to the EIA. Last year, India's oil consumption growth was estimated at around 220,000 barrels per day, compared to China's 90,000 bpd growth. India's oil demand is projected to grow by 330,000 bpd in 2025. While China's growth rate is expected to be higher next year, it will still lag behind India's consumption increase. According to S&P Global Commodity Insights, India's oil demand growth was more modest last year at 180,000 barrels per day compared to 148,000 barrels per day for China. The analytical outlet also predicts that India will overtake China as the biggest driver of demand growth this year, adding 3.2% in 2024 compared to 1.7% for China
INDIA CHINA OIL DEMAND ENERGY GASOLINE DIESEL
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
India roars ahead of China to top Asian IPO rankingsFast-growing Indian market behind only the US in money raised by company listings
Read more »
Manchester United to Face Nottingham Forest, Transfer Talk Surges Ahead of January WindowManchester United gears up for a quick return to Premier League action against Nottingham Forest, aiming to bounce back from their loss to Arsenal. With the January transfer window approaching, discussions about potential transfers intensify, including speculation about Manchester United's interest in Sunderland's goalkeeper Anthony Patterson.
Read more »
Australia vs India: Travis Head hits 140 before India crumble as hosts dominate day twoAustralia's bowlers back up a majestic century from Travis Head on his home ground to put themselves in a strong position to win the second Test against India.
Read more »
India Surpasses China as Asia’s IPO HubIndia has taken the lead as Asia's top market for initial public offerings (IPOs) in 2024, driven by strong stock performance and a surge in listings.
Read more »
India's Oil Demand Growth Set to Surpass China'sIndia's oil demand growth is expected to exceed China's for the first time in 2024, and continue in 2025.
Read more »
Oil Majors Scale Back Renewables, India Surpasses China in Oil DemandThis news article discusses the recent trend of oil majors reducing their investments in renewable energy projects. The article cites BP and Shell as examples, highlighting their divestment strategies. It also analyzes the potential impact of Donald Trump's potential return to power on renewable energy goals. Furthermore, the article focuses on India's surge in oil demand, surpassing China's growth rate, and attributes this to its expanding refinery capacity and robust economic growth.
Read more »