India's oil dependency at a new high-I: Consumption flares up again
Even as Prime Minister Modi called for a reduction in the oil import bill by 10% by 2022, India's oil dependency is going up instead of down as of now 8India's crude self sufficiency ratio has come down from 17.6% in September 2016 to 16.8% for the same month this year 8Meanwhile, there is a 10% surge in petroleum product consumption, the highest since August 2016, when demand had jumped 18.2 per cent. 8The rise comes on the back of a 6.1 per cent drop in demand in August 2017, the most since April 2003, as floods ravaged several parts of the country curbing demand for diesel and petrol. 8The September surge has translated into a 1.5% growth in April-September 2017 consumption as compared to 9.9% for the same period last year. 8Overall, gas consumption was up and so was LNG demand in September. Yet LNG offtake in April-September was lower by 1.6% compared to the same period last year. Click on Reports for comprehensive data on oil, gas and POL demand and supply.