New Delhi: India’s petroleum product consumption recorded a 3.5% growth during April-January FY 2024-25, reaching 199.2 million metric tonnes (MMT), compared to 192.5 MMT in the same period of the previous year, according to data released by the Petroleum Planning & Analysis Cell (PPAC). This growth was primarily led by an increase in high-speed diesel (HSD) consumption by 2.4%, motor spirit (MS) by 7.9%, aviation turbine fuel (ATF) by 9.8%, liquefied petroleum gas (LPG) by 6.5%, and lubricants by 12.8%. The consumption of petroleum products for January 2025 recorded a 3.1% growth, reaching 20.5 MMT compared to the same period last year.

Indigenous crude oil and condensate production in January 2025 stood at 2.5 MMT, with Oil India Ltd (OIL) producing 0.3 MMT, ONGC producing 1.6 MMT, and PSC/RSC contributing 0.6 MMT. There was a 1.2% decline in crude oil and condensate production compared to the same month last year. However, crude oil processing increased by 5.2%, with total crude oil processed at 23.7 MMT in January 2025. Public Sector Undertakings (PSUs) and Joint Venture (JV) refiners processed 16.4 MMT, while private refiners processed 7.3 MMT.

Crude oil imports in January 2025 declined by 3.1%, but cumulative imports in April-January FY 2024-25 increased by 2.7%. The net oil and gas import bill for January 2025 was USD 11.0 billion, compared to USD 11.8 billion in January 2024. Of this, crude oil imports accounted for USD 11.5 billion, LNG imports stood at USD 1.3 billion, and petroleum product exports were valued at USD 3.8 billion.

Production of petroleum products in January 2025 reached 24.9 MMT, marking an 8.3% increase from January 2024. Refinery production accounted for 24.6 MMT, while fractionators contributed 0.3 MMT. During April-January FY 2024-25, petroleum product output grew by 3.4% compared to the same period last year. The share of major petroleum products in January 2025 included HSD at 41.8%, MS at 17.3%, naphtha at 6.2%, ATF at 6.6%, petcoke at 5.2%, and LPG at 4.5%.

Imports of petroleum products increased by 14% in January 2025 and by 8.2% in April-January FY 2024-25, primarily due to higher imports of petcoke and LPG. Meanwhile, exports of petroleum products rose by 13% in January 2025 and by 3.3% in the April-January period, driven by higher exports of motor spirit (MS), petcoke, and fuel oil.

Ethanol blending in petrol stood at 19.6% in January 2025, with cumulative ethanol blending for November 2024-January 2025 at 17.4%.

Total natural gas consumption, including internal consumption, in January 2025 was 6,072 million standard cubic meters (MMSCM), reflecting a 2.8% increase from the same month last year. Cumulative natural gas consumption for April-January FY 2024-25 reached 61,282 MMSCM, marking a 10.2% increase over the previous year.

Gross natural gas production in January 2025 was 3,066 MMSCM, a 2.3% decline from the previous year. However, cumulative gross production for the April-January period was marginally higher by 0.1%, at 30,376 MMSCM.

LNG imports saw a significant rise, with January 2025 imports at 3,047 MMSCM, 7.6% higher than the corresponding period last year. Cumulative LNG imports for April-January FY 2024-25 stood at 31,347 MMSCM, reflecting a 21.2% increase compared to the same period in the previous year.

The price of Brent crude averaged USD 79.23 per barrel in January 2025, compared to USD 73.94 in December 2024 and USD 80.32 in January 2024. The Indian basket crude price averaged USD 80.20 per barrel in January 2025, compared to USD 73.34 in December 2024 and USD 79.22 in January 2024.