India: Petroleum products' consumption drops marginally y-o-y in Nov'23

India's petroleum products consumption dropped by 2% in November 2023 at 18.72 million tonnes (mnt) compared to 19.10 mnt seen in the same month last year.

Pet coke products consumption Nov'23 vs Nov'22

Source - Govt. data, updated

The total consumption of all petroleum products includes domestic sales by oil companies, direct imports and sales by SEZ units in the domestic tariff area (DTA).

Amongst the major products, the maximum growth in consumption was observed in SKO by 17%, in November over the same month last year, followed by Naphtha by 10% and ATF by 12%.

The consumption of Bitumen declined by 24% y-o-y in November 2023.

Notably, the top five products by consumption for the period April 2023-October 2023, in descending order, are high speed diesel (HSD), motor spirit (MS), liquified petroleum gas (LPG), pet coke and naphtha. These five products have contributed more than 80% share in the total consumption of petroleum products.

Pet coke products consumption Apr-Nov'23 vs Apr-Nov'22

Source - Govt. data, updated

On cumulative basis for April-November, 2023, the highest growth among top five products is recorded in Naphtha by 11.9%, followed by MS by 6.5%.

The percent share of consumption during April-November, 2023 is highest by HSD by 38.8% against 38.7% of last FY22 same period, thus, registering a nominal increase by 0.2%.

HSD is used as transportation fuel in various sectors like railways, buses, and finds application in many industries as well as mining. Motor spirit (petrol) is used in private transportation like cars, two-wheelers etc. and LPG is used mainly as domestic cooking gas and also has some industrial applications.