{"id":26520,"date":"2024-04-25T11:30:56","date_gmt":"2024-04-25T06:00:56","guid":{"rendered":"https:\/\/newstrackbhopal.com\/index.php\/2024\/04\/25\/es-ranganathan-unpacks-indias-record-fuel-demand-surge-up-5-percent-in-fy-2024-despite-march-dip\/"},"modified":"2024-04-25T11:30:56","modified_gmt":"2024-04-25T06:00:56","slug":"es-ranganathan-unpacks-indias-record-fuel-demand-surge-up-5-percent-in-fy-2024-despite-march-dip","status":"publish","type":"post","link":"https:\/\/newstrackbhopal.com\/index.php\/2024\/04\/25\/es-ranganathan-unpacks-indias-record-fuel-demand-surge-up-5-percent-in-fy-2024-despite-march-dip\/","title":{"rendered":"ES Ranganathan Unpacks India\u2019s Record Fuel Demand Surge, up 5 Percent in FY 2024 Despite March Dip"},"content":{"rendered":"
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\u201cSeveral factors converge to explain India\u2019s record fuel demand surge despite the March dip. Economic revival efforts, infrastructure development projects, and a rebound in industrial activity all contribute to heightened energy requirements,\u201d says ES Ranganathan.<\/em><\/p>\n

New Delhi (India), April 25: <\/strong>In a year marked by economic flux and global energy transitions, India\u2019s fuel consumption has continued its upward trajectory, with fiscal year 2024 witnessing a remarkable surge despite a slight dip in March. ES Ranganathan, a prominent figure in India\u2019s energy sector and the former Managing Director of IGL mentions, \u201cAccording to recent data analyzed by industry experts, the nation\u2019s overall fuel consumption surged by a remarkable 5% during the financial year, amounting to a historic high of 233.276 million tons.<\/p>\n

Despite a marginal 0.6% decline in fuel consumption in March compared to the previous year, the cumulative demand for various petroleum products witnessed an impressive uptrend throughout FY 2024.\u201d\u00a0ES Ranganathan<\/a>\u00a0delves into the nuances of this trend, shedding light on the factors driving this unprecedented demand.\u00a0<\/p>\n

March 2024 Overview<\/strong><\/p>\n

March 2024 presented a nuanced picture of India\u2019s fuel consumption landscape. While the month witnessed a dip in demand compared to the preceding months, the decline was not unexpected given seasonal variations and evolving market dynamics. Ranganathan\u2019s analysis underscores the resilience of India\u2019s economy amidst evolving global energy landscapes and domestic policy reforms. Factors such as supply chain disruptions and economic adjustments likely played a role in this downturn.<\/p>\n

\u201cDespite the March dip, it\u2019s crucial to contextualize the situation within a broader timeframe,\u201d mentions Ranganathan. \u00a0\u201cComparing March 2024 to the same period in the previous year reveals a noticeable decrease in fuel consumption. This decline underscores the impact of external factors and internal dynamics shaping India\u2019s energy landscape,\u201d adds ES Ranganathan.\u00a0<\/p>\n

Record-high Fuel Demand for FY 2024<\/strong><\/p>\n

Despite the March setback, fiscal year 2024 marked a historic milestone for India\u2019s fuel sector, reaching an all-time high of 233.276 million tons. This robust demand signals the resilience and adaptability of India\u2019s economy amid shifting global paradigms. Ranganathan also attributes the sustained growth in fuel demand to a combination of factors, including burgeoning industrialization, rapid urbanization, and the expanding middle-class population. Moreover, strategic initiatives aimed at bolstering infrastructure development and enhancing access to clean cooking fuels have further fueled the nation\u2019s energy requirements.<\/p>\n

Interestingly, while most fuel categories witnessed a surge in demand, fuel oil emerged as an outlier, experiencing a notable decline in both March and the fiscal year as a whole. Both March and the fiscal year witnessed a downturn in fuel oil consumption, indicative of shifting preferences and evolving energy strategies. \u201cThis trend reflects shifting preferences towards cleaner and more efficient energy alternatives, aligning with India\u2019s commitment to environmental sustainability and emission reduction goals,\u201d opines ES Ranganathan.\u00a0<\/p>\n

The surge in fuel demand encompasses a diverse array of energy sources. Diesel, gasoline, bitumen, cooking gas, and naphtha experienced significant upticks in consumption, reflecting varied patterns of economic activity and societal needs. The spike in diesel and gasoline usage, in particular, underscores the mobility requirements and industrial expansion driving India\u2019s growth story.<\/p>\n

While concluding,\u00a0ES Ranganathan<\/a>\u00a0mentions, \u201cIndia\u2019s record fuel demand surge in fiscal year 2024 underscores the nation\u2019s resilience amidst economic uncertainties and global shifts. While March presented a temporary setback, the overall trajectory remains upward, driven by a confluence of economic, social, and policy factors. As India charts its course towards sustainable development, the energy sector will continue to play a central role in shaping its future trajectory.\u201d<\/p>\n

If you have any objection to this press release content, kindly contact pr.error.rectification@gmail.com to notify us. We will respond and rectify the situation in the next 24 hours.<\/em><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

\u201cSeveral factors converge to explain India\u2019s record fuel demand surge despite the March dip. Economic revival efforts, infrastructure development projects, and a rebound in industrial activity all contribute to heightened energy requirements,\u201d says ES Ranganathan. New Delhi (India), April 25: In a year marked by economic flux and global energy transitions, India\u2019s fuel consumption has […]<\/p>\n","protected":false},"author":1,"featured_media":26521,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[627],"class_list":["post-26520","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-business"],"wpmagazine_modules_lite_featured_media_urls":{"thumbnail":["https:\/\/newstrackbhopal.com\/wp-content\/uploads\/2024\/04\/1-72-150x150.jpg",150,150,true],"cvmm-medium":["https:\/\/newstrackbhopal.com\/wp-content\/uploads\/2024\/04\/1-72-300x300.jpg",300,300,true],"cvmm-medium-plus":["https:\/\/newstrackbhopal.com\/wp-content\/uploads\/2024\/04\/1-72-305x207.jpg",305,207,true],"cvmm-portrait":["https:\/\/newstrackbhopal.com\/wp-content\/uploads\/2024\/04\/1-72-400x600.jpg",400,600,true],"cvmm-medium-square":["https:\/\/newstrackbhopal.com\/wp-content\/uploads\/2024\/04\/1-72-600x600.jpg",600,600,true],"cvmm-large":["https:\/\/newstrackbhopal.com\/wp-content\/uploads\/2024\/04\/1-72-1024x675.jpg",1024,675,true],"cvmm-small":["https:\/\/newstrackbhopal.com\/wp-content\/uploads\/2024\/04\/1-72-130x95.jpg",130,95,true],"full":["https:\/\/newstrackbhopal.com\/wp-content\/uploads\/2024\/04\/1-72.jpg",1200,675,false]},"categories_names":{"2":{"name":"Business","link":"https:\/\/newstrackbhopal.com\/index.php\/category\/business\/"}},"tags_names":{"627":{"name":"business","link":"https:\/\/newstrackbhopal.com\/index.php\/tag\/business\/"}},"comments_number":"0","_links":{"self":[{"href":"https:\/\/newstrackbhopal.com\/index.php\/wp-json\/wp\/v2\/posts\/26520","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newstrackbhopal.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newstrackbhopal.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newstrackbhopal.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newstrackbhopal.com\/index.php\/wp-json\/wp\/v2\/comments?post=26520"}],"version-history":[{"count":0,"href":"https:\/\/newstrackbhopal.com\/index.php\/wp-json\/wp\/v2\/posts\/26520\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newstrackbhopal.com\/index.php\/wp-json\/wp\/v2\/media\/26521"}],"wp:attachment":[{"href":"https:\/\/newstrackbhopal.com\/index.php\/wp-json\/wp\/v2\/media?parent=26520"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newstrackbhopal.com\/index.php\/wp-json\/wp\/v2\/categories?post=26520"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newstrackbhopal.com\/index.php\/wp-json\/wp\/v2\/tags?post=26520"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}