India’s petroleum product consumption increased by 4.6% compared to previous years in fiscal year 2023-24, showing resilience.
This surge underscores the steadfast energy demand within India’s economy, emphasising the continued significance of petroleum products across various sectors. Leading this consumption growth are liquefied petroleum gas (LPG) and diesel, experiencing substantial upticks during the fiscal period. LPG, notably, has emerged as a favoured cooking fuel nationwide, spurred by governmental initiatives promoting cleaner cooking practices and reducing reliance on conventional biomass fuels. The heightened consumption of diesel mirrors economic activities and transportation demands, particularly in commercial vehicles, agriculture, and industrial sectors. Despite the growing emphasis on electric and alternative fuel vehicles, diesel remains pivotal in powering a substantial portion of India’s transportation fleet. This surge in petroleum consumption reflects broader trends in India’s energy landscape, including escalating urbanisation, industrialisation, and economic expansion. As the nation progresses and modernises, the energy demand, notably petroleum products, is poised to sustain robust growth, driving investments across infrastructure, logistics, and energy security domains. Increased consumption presents opportunities, but environmental sustainability and energy transition pose challenges. arise. Striking a balance between economic development and environmental concerns remains paramount, necessitating measures to bolster energy efficiency, promote cleaner fuels, and mitigate emissions.
The continued growth in petroleum consumption underscores the urgency of diversifying India’s energy mix and expediting the adoption of renewable energy sources. Transitioning towards cleaner and sustainable alternatives holds the potential to diminish fossil fuel dependency, enhance air quality, and mitigate climate change impacts. The substantial surge in petroleum consumption during fiscal year 2023-24 encapsulates India’s dynamic energy landscape and ongoing economic transformation. As the nation steers towards a sustainable future, strategic planning, innovation, and collaborative efforts are imperative to address energy challenges while capitalising on growth opportunities.
