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Indian demand for petroleum products grew by 5% in 2023-2024

Production of petroleum products in India rose by 4% to 276 Mt in the financial year 2023-2024 (April 2023-March 2024), while consumption of petroleum products increased by 5% to 233 Mt, according to preliminary data from the country’s Petroleum Planning & Analysis Cell. Diesel amounted to 42% of petroleum products output, and 38% of demand, followed by gasoline (16% of production and consumption). Imports of petroleum products increased by 8% to 48.1 Mt and exports of petroleum products reached 62 Mt.

Indian crude oil imports remained stable at 232.5 Mt in 2023-2024, compared to 232.7 Mt in 2022-2023. India produced 29.4 Mt of crude in 2023-2024 (+1% compared to 2022-2023). Crude oil processing increased by 3% to 261.5 Mt, with IOCL accounting for 28% of the total, followed by BPCL (15%) and HPCL (13%). Gas consumption grew by 11% in 2023-2024 to 66.6 bcm, while LNG imports increased by 17% to 30.9 bcm.