+
India's consumption of petroleum products increased by 10% in FY23
OIL & GAS

India's consumption of petroleum products increased by 10% in FY23

According to Rameswar Teli, Minister of State for Petroleum & Natural Gas, the nation's consumption of petroleum products during FY2022-23 increased by 10% compared to the prior fiscal year, reaching a volume of nearly 223 million tonne.

According to Teli's written response to the Rajya Sabha, the surge was driven by a 13% jump in petrol consumption and a 12% increase in diesel use.

The overall stronger demand for transportation, energy, and fuel was fuelled by robust economic growth, increased industrialisation, urbanisation, and infrastructure development, as well as rising vehicle sales, which in turn raised the consumption of petroleum products.

The central government decreased central excise duty by Rs 13 per litre on petrol and Rs 16 per litre on diesel in November 2021 and May 2022, respectively, to encourage consumption and assist the economy. Retail fuel costs decreased as a result of this reduction because it was entirely passed down to consumers. Following suit, the VAT rates on fuel and diesel were lowered in many states and UTs.

The government has adopted a five-pronged strategy to lessen the nation's reliance on imported crude oil. These include boosting domestic oil and gas production, encouraging energy efficiency and conservation measures, emphasising demand substitution, promoting biofuels and other alternative fuels/renewables, and implementing refinery process improvements.

Also read: 
LiuGong introduces 936F excavator for heavy-duty digging
Sany unveils intelligent new energy dump trucks


According to Rameswar Teli, Minister of State for Petroleum & Natural Gas, the nation's consumption of petroleum products during FY2022-23 increased by 10% compared to the prior fiscal year, reaching a volume of nearly 223 million tonne. According to Teli's written response to the Rajya Sabha, the surge was driven by a 13% jump in petrol consumption and a 12% increase in diesel use. The overall stronger demand for transportation, energy, and fuel was fuelled by robust economic growth, increased industrialisation, urbanisation, and infrastructure development, as well as rising vehicle sales, which in turn raised the consumption of petroleum products. The central government decreased central excise duty by Rs 13 per litre on petrol and Rs 16 per litre on diesel in November 2021 and May 2022, respectively, to encourage consumption and assist the economy. Retail fuel costs decreased as a result of this reduction because it was entirely passed down to consumers. Following suit, the VAT rates on fuel and diesel were lowered in many states and UTs. The government has adopted a five-pronged strategy to lessen the nation's reliance on imported crude oil. These include boosting domestic oil and gas production, encouraging energy efficiency and conservation measures, emphasising demand substitution, promoting biofuels and other alternative fuels/renewables, and implementing refinery process improvements. Also read:  LiuGong introduces 936F excavator for heavy-duty diggingSany unveils intelligent new energy dump trucks

Related Stories

Gold Stories

Next Story
Infrastructure Urban

We must become equally good at making cities liveable

India’s cities are growing rapidly but the focus must now shift from building more to creating better places to live. Suresh Babu, Organising Secretary, National Convention of Architectural Engineers, discusses the need for integrated, inclusive and people-centric urban development, and the role of technology and architectural engineering in shaping future cities.What is the central idea behind the convention?India aspires to become a developed nation by 2047 and cities will be central to that transformation. But development cannot be measured only by taller buildings, wider roads or larger ..

Next Story
Infrastructure Urban

Insurance is not a cost; it is protection for the balance sheet

As infrastructure projects grow larger and more complex, their risk profiles are evolving beyond physical damage. Underinsurance, business interruption, supply-chain disruptions, climate volatility, surety and transactional exposures can all have significant financial consequences. Mohan Agrawal, Director and Business Lead - Construction, Infra & Warehousing, EDME Insurance Brokers, discusses these emerging risks and the gaps in conventional insurance practices in a conversation with KAVITA PARAB, CW. He explains why infrastructure players need to view insurance not merely as a cost, but a..

Next Story
Equipment

Optimising Earthmoving

Constituting India’s biggest fleet of construction equipment by type, earthmovers positively impact project outcomes and company bottomlines if best practices are adopted. Here’s a guide from CW.Select the right machineOne of the biggest challenges in using earthmovers isn’t machine failure but using the wrong machine configuration for the application, according to Chaitanya Bhagde, P&M Head, SHC Projects. “Unless equipment is deployed after considering the soil type, excavation depth, haul distance and production target, the application will face low productivity, longer time depl..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code