Petroleum Product Consumption Grows by 4.6% in 2023-24
ECONOMY & POLICY

Petroleum Product Consumption Grows by 4.6% in 2023-24

The consumption of petroleum products witnessed robust growth during the fiscal year 2023-24, with a notable increase of 4.6% compared to previous years. This uptick in consumption reflects the resilience of India's energy demand and underscores the continued importance of petroleum products in supporting various sectors of the economy.

Leading the way in petroleum product consumption are liquefied petroleum gas (LPG) and diesel, which experienced significant growth during the fiscal year. LPG, in particular, has emerged as a preferred cooking fuel for households across the country, driven by government initiatives to promote clean cooking and reduce reliance on traditional biomass fuels.

The increased consumption of diesel is indicative of economic activity and transportation demand, with diesel being a key fuel for commercial vehicles, agriculture, and industrial operations. Despite the growing emphasis on electric and alternative fuel vehicles, diesel continues to play a vital role in India's transportation sector, powering a significant portion of the country's fleet.

The growth in petroleum product consumption reflects broader trends in India's energy landscape, including rising urbanisation, industrialisation, and economic growth. As the country continues to develop and modernise, the demand for energy, including petroleum products, is expected to remain robust, driving investment in infrastructure, logistics, and energy security.

While the increase in petroleum product consumption presents opportunities for the industry, it also poses challenges in terms of environmental sustainability and energy transition. Balancing economic development with environmental concerns remains a key priority for policymakers, highlighting the need for measures to enhance energy efficiency, promote cleaner fuels, and mitigate emissions.

Additionally, the continued growth in petroleum product consumption underscores the importance of diversifying India's energy mix and accelerating the adoption of renewable energy sources. Transitioning towards cleaner and more sustainable alternatives can help reduce dependence on fossil fuels, improve air quality, and mitigate the impacts of climate change.

Overall, the robust growth in petroleum product consumption during the fiscal year 2023-24 reflects India's dynamic energy landscape and the ongoing transformation of its economy. As the country navigates towards a more sustainable future, strategic planning, innovation, and collaboration will be essential to address energy challenges and seize opportunities for growth and development.

The 14th RAHSTA Expo, part of the India Construction Festival, will be held on October 9 and 10, 2024, at the Jio Convention Centre in Mumbai. For more details, visit: https://rahstaexpo.com

The consumption of petroleum products witnessed robust growth during the fiscal year 2023-24, with a notable increase of 4.6% compared to previous years. This uptick in consumption reflects the resilience of India's energy demand and underscores the continued importance of petroleum products in supporting various sectors of the economy. Leading the way in petroleum product consumption are liquefied petroleum gas (LPG) and diesel, which experienced significant growth during the fiscal year. LPG, in particular, has emerged as a preferred cooking fuel for households across the country, driven by government initiatives to promote clean cooking and reduce reliance on traditional biomass fuels. The increased consumption of diesel is indicative of economic activity and transportation demand, with diesel being a key fuel for commercial vehicles, agriculture, and industrial operations. Despite the growing emphasis on electric and alternative fuel vehicles, diesel continues to play a vital role in India's transportation sector, powering a significant portion of the country's fleet. The growth in petroleum product consumption reflects broader trends in India's energy landscape, including rising urbanisation, industrialisation, and economic growth. As the country continues to develop and modernise, the demand for energy, including petroleum products, is expected to remain robust, driving investment in infrastructure, logistics, and energy security. While the increase in petroleum product consumption presents opportunities for the industry, it also poses challenges in terms of environmental sustainability and energy transition. Balancing economic development with environmental concerns remains a key priority for policymakers, highlighting the need for measures to enhance energy efficiency, promote cleaner fuels, and mitigate emissions. Additionally, the continued growth in petroleum product consumption underscores the importance of diversifying India's energy mix and accelerating the adoption of renewable energy sources. Transitioning towards cleaner and more sustainable alternatives can help reduce dependence on fossil fuels, improve air quality, and mitigate the impacts of climate change. Overall, the robust growth in petroleum product consumption during the fiscal year 2023-24 reflects India's dynamic energy landscape and the ongoing transformation of its economy. As the country navigates towards a more sustainable future, strategic planning, innovation, and collaboration will be essential to address energy challenges and seize opportunities for growth and development.

Next Story
Infrastructure Urban

Govt approves NPCIL-NTPC JV company ASHVINI to start nuclear power generation

The Government on September 11, 2024 accorded approval to the Anushakti Vidhyut Nigam Ltd. (ASHVINI), a Joint Venture (JV) of Nuclear Power Corporation of India Limited – NPCIL (51%) and NTPC Ltd. (49%) to build, own & operate nuclear power plants in India in accordance with provisions of the Atomic Energy Act. Additionally Govt. of India has approved transfer of Mahi Banswara Rajasthan Atomic Power Project (MBRAPP) 4x700 MWe based on indigenous PHWR technology, from NPCIL to the JV Company ASHVINI. The Govt has also approved exemption to NPCIL to invest more than Rs 5 billion and exemptio..

Next Story
Infrastructure Urban

CRC Group partners with Dubai’s Killa Design for luxury Noida project

Noida-based real estate developer CRC Group has teamed up with renowned Dubai architect Shaun Killa to design an ultra-luxury residential project in Greater Noida. Shaun Killa, known for iconic structures such as Dubai's Museum of the Future and the Bahrain World Trade Centre, brings his expertise in sustainability and innovation to the collaboration. Killa expressed excitement about the partnership, stating, "Our goal is to create a design that stands the test of time, respects the environment, and complements the culture of the region." The project, set to feature between 375 to 400 luxury u..

Next Story
Infrastructure Urban

Nexus Venture sells stake in India Shelter Finance for Rs 4.82 billion

Venture capital firm Nexus Venture Partners divested a 5.97% stake in India Shelter Finance Corporation for Rs 4.82 billion through open market transactions. India Shelter Finance, based in Gurugram, caters to first-time home loan buyers in Tier-II and Tier-III cities, focusing on the low- and middle-income segments. Nexus, via its affiliates Nexus Ventures III and Nexus Opportunity Fund II Ltd, sold 6.4 million shares in two bulk deals on the BSE, priced between Rs 752.35 and Rs 753.27 per share, resulting in a total deal value of Rs 4.81 billion. This transaction reduced Nexus' stake in the ..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000