Key Points
Goa: India's diesel demand will rise rapidly in the next six years while petrol sales will only marginally grow as increased adoption of EVs, biofuels and fuel efficiency measures disproportionately weigh on petrol demand, the International Energy Agency (IEA) has said.. Domestic diesel demand is projected to rise from 1.8 million barrels per day (mbd) in 2023 to 2.3 mbd in 2030, an increase of 4.5% annually, IEA said in its India Oil Market Outlook..
For the last many years, diesel consumption has grown at a much slower pace than petrol as preference for petrol cars grew after deregulation eroded diesel's price advantage...
The utilisation of public transport is expected to rise, reversing a trend that set in during the pandemic when people preferred private vehicles, and boosting diesel demand while restricting petrol sales growth, it said.. "Increasing vehicle electrification is another factor that disproportionately weighs on petrol demand growth but has a smaller impact on diesel," the IEA said..
Diesel demand growth will account for almost half of the rise in India's national oil demand, which is expected to increase by 1.2 mbd by 2030 to 6.6 mbd..
India's per capita jet fuel consumption is very low compared to the global average, which means the demand for the fuel can grow at a much faster pace, said Toril Bosoni, head of oil markets at the IEA...
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