{"id":237938,"date":"2023-04-14T19:21:42","date_gmt":"2023-04-14T13:51:42","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=237938"},"modified":"2023-04-14T19:21:42","modified_gmt":"2023-04-14T13:51:42","slug":"breaking-down-the-demand-surge-for-petroleum-products","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/breaking-down-the-demand-surge-for-petroleum-products\/","title":{"rendered":"Breaking down the demand surge for petroleum products"},"content":{"rendered":"\n<p><b>Source: <\/b><span style=\"font-weight: 400;\">The post is based on the article <\/span><b>\u201cBreaking down the demand surge for petroleum products\u201d <\/b><span style=\"font-weight: 400;\">published in <\/span><b>Livemint on 14th April 2023<\/b><\/p>\n<h2><b>What is the News?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Demand for refined petroleum products hit a record in FY23 led by transportation fuel.\u00a0<\/span><\/p>\n<h2><b>What is the trend in petroleum products?<\/b><\/h2>\n<figure id=\"attachment_237948\" aria-describedby=\"caption-attachment-237948\" style=\"width: 689px\" class=\"wp-caption alignnone\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-237948 \" src=\"https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2023\/04\/2023-04-14-13.20.00.jpg?resize=689%2C418&#038;ssl=1\" alt=\"petroleum products\" width=\"689\" height=\"418\" srcset=\"https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2023\/04\/2023-04-14-13.20.00.jpg?w=1151&amp;ssl=1 1151w, https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2023\/04\/2023-04-14-13.20.00.jpg?resize=300%2C182&amp;ssl=1 300w, https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2023\/04\/2023-04-14-13.20.00.jpg?resize=1024%2C621&amp;ssl=1 1024w, https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2023\/04\/2023-04-14-13.20.00.jpg?resize=768%2C466&amp;ssl=1 768w\" sizes=\"auto, (max-width: 689px) 100vw, 689px\" \/><figcaption id=\"caption-attachment-237948\" class=\"wp-caption-text\">Source: Livemint<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">In the Financial Year 2023(FY-23), the demand for petroleum products was 10.2% higher than the year before.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In previous years, the demand was impacted due to the Covid-19 pandemic. But in FY23, demand for most products crossed pre-covid levels as various sectors of the economy made a recovery from the pandemic slowdown.\u00a0<\/span><\/p>\n<h2><b>Why is India seeing such a surge in petrol consumption?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The increase in consumption of petrol, diesel and jet fuel during FY23 came on the back of growth in industrial activity and travel. These activities recovered after slowing down in the previous two fiscals because of the pandemic.<\/span><\/p>\n<h2><b>Does the Ukraine war have anything to do with this?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The Russian invasion sparked an energy crisis. India had to diversify its oil import sources <\/span><span style=\"font-weight: 400;\">and raise imports for energy security. Cheap oil from Russia was also added to the import bill.\u00a0<\/span><\/p>\n<h2><b>Will the demand for petroleum products stay strong this year?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The global economy is expected to slow down. Yet, the demand for petroleum products in <\/span><span style=\"font-weight: 400;\">India is expected to stay robust.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This is because an increase in domestic consumption, fuelled by accumulated household savings during and after the pandemic will boost the demand.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: The post is based on the article \u201cBreaking down the demand surge for petroleum products\u201d published in Livemint on 14th April 2023 What is the News? Demand for refined petroleum products hit a record in FY23 led by transportation fuel.\u00a0 What is the trend in petroleum products? In the Financial Year 2023(FY-23), the demand&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/breaking-down-the-demand-surge-for-petroleum-products\/\">Continue reading <span class=\"screen-reader-text\">Breaking down the demand surge for petroleum products<\/span><\/a><\/p>\n","protected":false},"author":10317,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1566,3127,9],"tags":[10501],"class_list":["post-237938","post","type-post","status-publish","format-standard","hentry","category-daily-factly-articles","category-economy","category-public","tag-live-mint","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1702188008},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/237938","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10317"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=237938"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/237938\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=237938"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=237938"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=237938"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}