India’s fuel consumption surges in 2024, driven by higher petrol demand
India’s fuel demand saw an uptick in 2024 as the country’s energy consumption continues to grow amid the aim of becoming a ‘Viksit Bharat’ by 2047. According to the oil ministry data, India’s petrol consumption rose by almost 8 percent in the year till November from the previous year, while diesel—the most consumed petroleum product in the country—witnessed a growth of 2.4 percent in the same period. The increased fuel consumption of the country could be attributed to the rise in industrial activity and economic growth. In 2024, India’s diesel consumption reached 83,087 tonnes by November, according to official data, while petrol consumption stood at 36,137 tonnes during the same period. Domestic demand of other petroleum products such as aviation turbine fuel (ATF) and liquefied petroleum gas (LPG) also saw significant growth in the year. The growth momentum in demand of diesel—mainly used by trucks, commercially run passenger vehicles and farm machinery—was relatively steady in the year majorly due to prolonged monsoons in the year and a change in consumption pattern. Amid expanding middle class and rising consumer spending, India’s petrol demand is picking up over diesel. Amid rising demand, India’s oil companies including Indian Oil Corporation Limited (IOCL), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL) have plans to set up new refineries while increasing capacity of existing refineries.
Oil and gas industry set for long-term benefits with digitalisation: Report
Certain technologies, such as artificial intelligence (AI), blockchain, cloud computing, the Internet of Things (IoT), robotics, and virtual and augmented reality (VR and AR), are now part of the oil and gas industry The GlobalData’s report, titled ‘Digitalisation in Oil and Gas,’ highlights the role of major oil and gas companies, such as ADNOC, BP, Chevron, ExxonMobil, Shell, and TotalEnergies, in the development and adoption of digital tools to solve business problems. “Field personnel are extensively using handheld devices to gather data, make notes, and communicate with their team. These changes are aimed at cutting down inefficiencies in workflows for improved productivity and lower costs,” said Ravindra Puranik, oil and gas analyst at GlobalData. Operational risks are also reduced due to a lesser need for human intervention in hazardous environments, which is a very important benefit of digitalisation. The adoption of digital technologies is also expected to deliver intangible value in the form of emission reductions. A recent poll from GlobalData indicated that companies were deploying digitalization to lower their operational emissions. With worries over climate change increasing every year, managing emissions has become critical for the industry.