New Delhi. The country’s fuel demand contracted on a monthly basis in April due to rising global crude oil prices. According to S&P’s Global Commodities Report, the rise in global crude oil prices led to a jump in retail fuel prices in the domestic market. The rise in prices had a negative impact on domestic fuel demand in April as compared to March.
However, market analysts say that this situation may change in May.
According to India’s government data, domestic fuel demand in April declined by four per cent on a month-on-month basis to 4.9 million barrels per day, or 18.6 million tonnes.
S&P says that the ongoing war between Russia and Ukraine has given an unexpected rise in crude oil prices. Petrol demand, which reached a three-year high in March, declined by 3.8 per cent on a month-on-month basis to 2.8 million tonnes in April.
Diesel demand declined by 6.5 per cent to 7.2 million tonnes in April. The demand for LPG declined by 12.7 per cent, naphtha by 4.3 per cent and jet fuel by 0.7 per cent during this period.
On an annual basis, however, India’s overall fuel demand grew by 9.6 per cent. Compared to April 2021, the demand for diesel last month grew by 7.9 percent, petrol 17.4 percent, LPG 2.4 percent, jet fuel 31.8 percent.
The weakening of the third wave of COVID-19 started country-to-country economic activities back on track, due to which the demand for oil products in India increased by 4.7 percent year-on-year basis to 73.2 million tonnes or 48 lakh barrels between January and April 2022. Been everyday.
The demand for petrol grew by 5 per cent, diesel by 1.9 per cent, jet fuel by 12.3 per cent and LPG by 5.4 per cent during this period. However, demand for naphtha fell by 6.6 per cent during this period.
S&P has projected the country’s demand for oil products to rise by 2,45,000 barrels per day this year on an annualized basis. However, there are signs of a moderation in demand next year and may reach 1,95,000 barrels per day in 2023.
—AnyTV News
read this also – Click to read the news of your state / city before the newspaper