Chennai: India’s diesel demand is likely to double to 163 million tonne (MT) in 12 years as consumption rises in the world’s fastest-growing economy, Oil Minister Dharmendra Pradhan has said.
In a written reply to a question in the Lok Sabha, Pradhan said as per the International Energy Agency’s World Energy Outlook 2018, the country’s oil demand is projected to jump by 61 per cent to 350 MT of oil equivalent by 2030, from 217 MT in 2016.
For diesel, the demand is projected to grow from 81.1 MT in 2017-18 to 163 MT in 2029-30, he said. ‘The…oil consumption in 2017 over 2015 grew on a compound average basis of six per cent,’ he said
The country’s compound annual growth rate (CAGR) of 3.47 per cent in oil demand compares with 1.92 per cent projected for China during the 2016-2030 period.
During this period, the US and Japan are likely to witness a contraction of demand, while Russia may just manage a positive growth with consumption rising from 149 MT to 154 MT, he said.