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Fuel demand in India reached the highest level in seven months in December 2023, topping 20 million tons in total, oil ministry data cited by Reuters shows.
On a monthly basis, demand was up by 6.2%, while on an annual basis, the increase stood at 2.6%. Among fuels, all but gasoline booked increases in demand.
India is widely seen as one of the two biggest drivers of global oil demand, alongside China. The subcontinent is the third-largest oil consumer globally.
Fuel demand in India reached the highest level in seven months in December 2023, topping 20 million tons in total, oil ministry data cited by Reuters shows.
On a monthly basis, demand was up by 6.2%, while on an annual basis, the increase stood at 2.6%. Among fuels, all but gasoline booked increases in demand.
India is widely seen as one of the two biggest drivers of global oil demand, alongside China. The subcontinent is the third-largest oil consumer globally.
As demand for oil grows, India is boosting its refining capacity, which this year is expected to add 1.12 million bpd and keep expanding at this rate until 2028. The total capacity expansion over the period would amount to 22%.
