Total consumption of petroleum products in March was 19.41 million tons, the highest since March 2019
Total consumption of petroleum products in March was 19.41 million tons, the highest since March 2019
The country’s fuel demand rose 4.2% in March to a three-year high as gasoline and diesel consumption surged above pre-pandemic levels, according to official data released on Monday.
Total consumption of petroleum products in March was 19.41 million tons, the highest since March 2019, data from the Oil Department’s Petroleum Planning and Analysis Cell showed.
As the economy continued to recover from the profound effects of the third wave of the COVID-19 pandemic, demand for transportation fuel increased in March.
Diesel, the country’s most-used fuel, which accounts for nearly 40% of total petroleum product consumption, saw demand rise 6.7% to 7.7 million tons. Gasoline sales, which surpassed pre-COVID levels a few months ago, rose 6.1% to 2.91 million tons.
Demand for both fuels in March was above pre-pandemic levels.
Diesel consumption was higher due to strong demand from the agricultural sector as well as consumer and pump stockpiling in anticipation of a price increase.
Demand for cooking gas (LPG) rose 9.8% to 2.48 million tonnes in March.
Fuel demand for the fiscal year ended March 31 rose 4.3% to 202.71 million tons, the highest since fiscal 2020.
While consumption of automotive and cooking fuels increased, there was a slowdown in the growth of industrial fuels.
Gasoline consumption increased by 10.3% to 30.85 million tons in 2021-22, while diesel sales increased by 5.4% to 76.7 million tons.
Gasoline demand in FY22 was the highest ever, while diesel sales were the highest since 82.6 million tonnes of consumption in 2019-20.
LPG consumption increased by 3% to 28.33 million t.
Demand for jet fuel, or ATF, rose 35% to 5 million tons, but was below 8 million tons of consumption in the year before the pandemic. This was mainly because full air traffic only resumed towards the end of last month.
Petrocoke consumption fell 9.7% to 14.1 million tons, while kerosene demand fell 17% to 1.5 million tons in FY22.
Consumption of naphtha, used as fuel in industry, and bitumen, used in road construction, was slightly higher at 14.2 million tons and 7.7 million tons, respectively.
