Petroleum products consumption grows 10% in Fiscal Year 2022-23
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Petroleum products consumption has grown by 10 per cent in the Fiscal Year (FY) 2022-23 (provisional), hitting 223 million metric ton (MMT) from 202 MMT in FY 2021-22 (provisional). The growth is led by a 13 per cent increase in petrol and 12 per cent in diesel.
In a written reply in Rajya Sabha on Monday (07 August 2023), Minister of State for Petroleum and Natural Gas Rameswar Teli has attributed this growth to the country’s overall economic development, urbanization, and rise in vehicle sales. He said, to curb inflation, Central Excise duty on petrol and diesel was cut by 13 rupees per litre and 16 rupees per litre respectively two tranches in November 2021 and May 2022. The Minister stated that the measure was aimed to give relief to the consumers, give a further fillip to the economy and to boost consumption and keep inflation low.