India’s oil demand in the three months of the financial year that began April 1 grew at the fastest pace for any first quarter period in the past 10 years. The country consumed 48.5 million tons of oil products in the quarter, an increase of 7.8 percent from the same period a year ago, according to the oil ministry’s Petroleum Planning and Analysis Cell. That’s the fastest since the first quarter of the year ended March 2007, when growth was 8.4 percent.
Diesel consumption expanded 4.7 percent to 20.1 million tons and gasoline use increased 10 percent to 5.9 million tons. The International Energy Agency expects India to lead the world in oil demand and surpass Japan as the world’s third-largest oil user this year. It will be the fastest-growing crude consumer in the world through 2040, Paris-based IEA estimates, adding 6 million barrels a day of demand, compared with 4.8 million for China.