India’s Oil Demand Rebounds in 2021 After Disastrous Outbreak
Oil demand in the third-biggest consumer bounced back in 2021 after virus outbreaks fueled a preference for personal transport.
(Bloomberg) -- Oil demand in the third-biggest consumer bounced back in 2021 after one of the world’s worst virus outbreaks fueled a preference for personal transportation.
Demand for total petroleum products -- including diesel, gasoline and jet fuel -- rose 3.7% from a year earlier, according to Bloomberg calculations based on provisional figures published by the oil ministry. That’s in contrast to 2020, when India’s oil consumption shrank for the first time in more than two decades after a nationwide lockdown shuttered the economy.
A devastating second wave in the first half of 2021 resulted in another setback, but the economy turned around rapidly, boosting fuel consumption.
Gasoline sales were the fastest to recover as more people favored private cars and motorbikes over public transport. The economic recovery also boosted demand for diesel, which accounts for 38% of oil consumption in India.
While gasoline consumption topped 2019 levels, diesel and aviation fuel remained below pre-pandemic volumes. That resulted in overall demand last year falling 7% below levels in 2019.
Here’s a table of the preliminary data:
|2021||Million Tons||Change vs 2020||Change vs 2019|
|All Oil Products||201.26||3.7%||-7.2%|
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