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Oil demand rose 10.3% in January

New Delhi, Feb 13 (Agencies)
Published on 13 Feb. 2018 11:31 PM IST
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Oil demand in India rose 10.3 per cent in the first month of 2018, the fourth straight monthly gain. Total oil consumption expanded at the fastest pace in 14 months to 16.9 million tons from 15.3 million a year ago, according to the oil ministry’s Petroleum
The growth in demand came over a low base as in January last year the nation’s oil consumption fell the most in 13 years following the government’s crackdown on high-value currency notes.
Diesel usage gained 14.5 per cent to 6.65 million tons while petrol consumption rose 15.6 per cent to 2.09 million tons. Demand for liquefied petroleum gas increased 4.6 per cent to 2.08 million tons and petroleum coke usage rose 9.2 per cent to 1.98 million tons.
The International Energy Agency sees India to be the center of global oil demand growth until 2030. The nation expects to double gasoline and diesel consumption by that year even as it aspires to sell only electric vehicles in 2030. The two fuels account for more than half of India’s oil usage.
The Society of Indian Automobile Manufacturers (SIAM) expects India’s passenger vehicles sales to expand 9 per cent in the year ending March. The new goods and services tax does not include oil products at present.

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