Annual growth rate in consumption volume of petroleum products India FY 2012-2024

India's petroleum products consumption growth rate was estimated to reach **** percent in fiscal year 2024, reflecting a moderate increase from the previous year. This growth comes after a significant rebound of **** percent in fiscal year 2023, following the pandemic-induced decline. The fluctuating consumption patterns highlight the dynamic nature of India's energy sector and its ongoing efforts to balance economic growth with energy demand. 

Production and refining capacity expansion

The production volume of petroleum products in India was estimated to reach over *** million metric tons by the end of fiscal year 2024, up from ***** million metric tons in the previous year. This increase aligns with the country's ambitious refinery expansion plans by fiscal year 2028, demonstrating India's commitment to strengthening its position in the global refining industry.  

Consumption trends and refining capacity 

While consumption growth rates have varied in recent years, India's refining capacity continues to exceed domestic demand. Among the leading refineries in the country, Reliance Petroleum Limited's Jamnagar facility alone boasts a refining capacity of nearly **** million metric tons as of April 2024. This overcapacity positions India as a major player in the refining sector and allows for potential export opportunities. The estimated growth rate for petroleum products at *** percent in fiscal year 2024 suggested a stabilizing trend in consumption patterns, following the volatile period during and immediately after the pandemic.