FY11 oil products demand seen up 5.7% YoY

India's annual oil products demand is expected to rise by 5.7 percent in the current financial year, highest since 2007/08, on the back of its booming economy, latest government estimates show.

Consumption of refined products in India, the world's second fastest growing major economy after China, is estimated to rise to 146.08 million tonnes in the 2010/11 financial year.

Asia's third-largest economy grew in the April-June quarter by 8.8 percent over a year earlier, its fastest pace in nearly three years, increasing demand for energy.

India is seen growing at around 8.5 percent in the fiscal year ending March 2010, versus 7.4 percent a year earlier.

In 2007/08, India's oil products demand grew by 6.8 percent and in the subsequent years, the growth rate softened due to the global financial crisis-led economic slowdown.

India, Asia's third-largest oil consumer, is seen consuming 12.71 percent more petrol and 8.77 percent more diesel in the current fiscal year compared with the previous year.

NOTE: * 2009/10 demand numbers are provisional.

# Total may not tally as all items are not included in the table and numbers are rounded off. The numbers include direct sales by oil companies.