New Delhi: India witnessed a 7.4% increase in its petroleum product consumption in July 2024, totaling 19.65 million metric tonnes, according to the latest report from the Petroleum Planning and Analysis Cell (PPAC). This uptick is largely fueled by heightened economic activities and government infrastructure projects across the country.
Liquefied petroleum gas (LPG) usage saw the most significant rise at 10.1%, primarily driven by domestic consumption under government schemes such as the Pradhan Mantri Ujjwala Yojana. Petrol consumption also surged by 10.5%, reflecting increased demand for personal mobility, facilitated by relatively normal monsoonal patterns which reduced usual seasonal travel disruptions.
High-speed diesel, crucial for agriculture and freight, recorded a 4.5% increase, supporting ongoing rural activities and enhanced freight movement. Additionally, aviation turbine fuel consumption rose by 9.6%, buoyed by the recovery in air travel both domestically and internationally as pandemic-related restrictions eased further.
The report also highlighted a substantial growth in renewable energy, with India’s installed capacity increasing by 165% over the past decade to reach 148 gigawatts. This aligns with the nation’s commitment to sustainable energy development.
Further supporting the fuel demand, the government has approved eight National High-Speed Road Corridor Projects with a total capital cost of Rs 50,655 crore, aimed at improving logistics efficiency and connectivity, which is expected to stimulate further increases in fuel consumption due to heightened construction and operational activities.
Despite these positive developments, the petroleum industry continues to face challenges such as fluctuating international oil prices and the strategic need for increased biofuel integration to maintain sustainable energy security.
This increase in petroleum consumption reflects the broader economic recovery and expansion, aligning with India’s objectives to transform its energy consumption patterns and bolster national infrastructure.
- Published On Aug 19, 2024 at 08:06 AM IST
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