India's fuel consumption climbed to 20.49 million metric tons in October, marking its highest level since March as transport, industrial and construction activity supported demand. The monthly total rose nearly 10% from September and was also 2.7% higher than a year earlier, pointing to resilient energy use through the end of the year.
Highlights
- India's October diesel consumption rose 19% month-on-month and 12% year-on-year, while gasoline sales increased 3.5% year-on-year.
- Liquefied petroleum gas demand in October declined nearly 1% from September and fell 12.3% year-on-year to 2.52 million metric tons.
- Kpler projects robust Indian fuel demand through year-end, and Mangalore Refinery is shifting to delivered crude purchases to reduce exposure to shipping risks and costs.
October consumption data by fuel segment
As reported by Reuters, citing the Petroleum Planning and Analysis Cell of India's oil ministry, diesel consumption rose 19% from September and was up 12% from a year earlier, while gasoline sales increased 3.5% year on year.Liquefied petroleum gas consumption fell nearly 1% from the previous month to 2.52 million metric tons in October and was down about 12.3% from a year earlier. Naphtha sales rose 1.7% from a year earlier, bitumen consumption increased 19.3% from September and 16.6% from a year earlier, and fuel oil usage rose 6.4% from the prior month.
Industry outlook and refinery response
Kpler analyst Sumit Ritolia said India's fuel demand is expected to remain healthy through the end of the year, supported by industrial activity, freight movement, agricultural consumption, passenger mobility and additional power generation needs.Separately, Mangalore Refinery and Petrochemicals Ltd is increasing crude oil purchases on a delivered basis to reduce exposure to shipping risks linked to the Iran war and to lower freight costs, its head of finance said on Wednesday.
In our earlier article on the conflict-driven surge in oil shipping costs, we explained how attacks and rerouting risks in key corridors such as the Strait of Hormuz and the Red Sea have pushed tanker rates sharply higher and made freight a much larger share of crude prices. We also noted that import-dependent markets like India are among the most exposed, as elevated transport and insurance costs can squeeze refiners and ultimately filter through to pump prices and broader inflation.
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