Singapore—India’s oil products demand rose 0.7% year on year to 158.2 million mt, or an average 3.40 million b/d, in fiscal year 2013-14 (April-March)—the slowest growth rate since 2001-02 when demand expanded by a marginal 0.4%. With the exception of gasoline, LPG and jet fuel, demand for all other key products contracted in 2013-14, data released this week by the Petroleum Planning and Analysis Cell, a division of the oil ministry, showed. But analysts and the petroleum ministry are optimistic that demand has bottomed and will improve in the near term.
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