India’s Oil Demand Is Rising

India’s oil consumption jumped by 10% year on year in the fiscal year 2022/2023 ended on March 31, and demand has been growing in the new financial year, too. Consumption of petroleum products in the world’s third-largest crude oil importer increased by 10% to around 223 million tons in 2022/2023, Minister of State for Petroleum and Natural Gas, Rameswar Teli, wrote in a reply to a question in Parliament, as carried by Indian media. Strong economic growth, an increase in vehicle sales, and growing industrialization and urbanization…