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Petroleum products consumption in India FY 2012-2019

The consumption volume of petroleum products in India was estimated to be approximately 211 million metric tons in fiscal year 2019. The country was ranked third with regard to primary energy consumption across the globe. With the industry growing rapidly, inland production of petroleum products does not suffice. The import volume of petroleum products reached figures close to 36 million metric tons during the fiscal year of 2017.

Road ahead

With the backing of robust economic growth and a booming auto motive industry, the demand for petroleum products was anticipated to grow as suggested by an annual growth rate of more than two percent observed in the fiscal year 2018. Although the country’s auctioned renewable capacity stood close to 70 percent in 2017, the market in the renewable sector had not been so welcoming.

Switching gears

With oil reserves amounting to less than a billion metric tons in 2017, a radical change in the transportation policy of the country could benefit the situation. Rapid globalization and fast changing technology combined could salvage what is left of the reserves. In a bright sunny country with ample sunlight hours, investments in solar energy and replacement of conventional vehicles with electric vehicles might hold the key to a sustainable future.

Consumption volume of petroleum products in India from financial year 2012 to 2018 with an estimate for financial year 2019

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Source

Release date

June 2019

Region

India

Survey time period

FY 2012 to FY 2018

Supplementary notes

Note: India's financial year begins in April and ends in March. For example, FY 2012 started in April 2011 and ended in March 2012.

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