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India’s petrol consumption during January this year fell by 10.7 per cent month-on-month at 2.5 million tonnes (mt) as the third wave of Covid infections peaked during the month impacting movement. The decline last month comes after petrol consumption in the world’s third largest oil consumer hit 2.8 mt, the highest since April 2018.
According to the data by the Ministry of Petroleum and natural Gas (MoPNG), the consumption of motor spirit, or petrol, shrunk in January 2022 after posting record highs in December 2021. In fact, the October-December period of FY22 is the best quarter in almost the past four years with petrol consumption hitting 8.3 mt. The demand during October and December last year was the highest since April 2018 at 2.8 mt each.
The demand for petrol last month was down by 3.85 per cent year-on-year from 2.6 MT in January 2021.
Consumption of HSD
Similarly, the consumption of high speed diesel (HSD) also fell during the month as Covid-related disruptions impacted movement and industrial activity. Diesel demand during January 2022 declined by 12.3 per cent on a month-on-month basis to 6.4 mt from 7.3 mt in December 2021, which is the highest demand since December 2019. On an annual basis, diesel sales fell by 5.88 per cent in January 2022 compared to 6.8 mt in January 2021.
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Overall, the consumption of all the petroleum products in January 2022 declined by 3.72 per cent month-on-month to 17.61 mt compared to 18.29 mt in December 2021. On an annual basis, total consumption fell by 2.2 per cent from 18 mt in January 2021.
Aviation turbine fuel
The consumption of aviation turbine fuel (ATF) fell by 17.57 per cent month-on-month in January 2022 to 4.55 lakh tonnes as the pandemic and the ensuing disruptions impacted mobility. ATF consumption had been gradually inching up during the October-December 2021 quarter on account of the festival season and year-end winter vacations. During October, November and December last year, the demand for ATF stood at 4.79 lakh tonnes, 5.04 lakh tonnes and 5.52 lakh tonnes, respectively.
On an annual basis, the ATF consumption in January 2022 was down by 38 per cent from 7.39 lakh tonnes in January 2021.
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