OIL CONSUMPTION INDIA
Kitchen essentials buck slowdown trend: Hopes of demand recovery rise as staples segment sees double-digit growth in Sept qtr
Despite an overall consumption slowdown, sales of essential household items like edible oil, spices, and toothpaste are experiencing double-digit growth. This trend, observed in the July-September quarter, suggests consumers are prioritizing necessities, offering hope for an economic rebound.
Staples, essentials show strong growth amid consumption slowdown, signalling potential recovery
Despite an economic slowdown, Indian consumers are prioritizing essential goods. Staples like edible oil and spices saw double-digit growth in the last quarter, indicating a potential demand recovery on the horizon.
India¡¯s cooking oil imports in 2023-24 are down by 3% as consumption falls due to high prices
India's edible oil imports dipped by 3% in 2023-24, totaling 15.96 million tonnes due to increased domestic oilseed production and a dip in demand attributed to high prices. The Solvent Extractors' Association (SEA) anticipates a further 10 lakh tonne import reduction in 2024-25, fueled by a projected bumper oilseed harvest.
India's October palm oil imports rise 60% m/m, trade body says
India imported more palm oil in October due to festive demand. Palm oil imports reached 845,682 metric tons, a 60% increase from September. Refiners increased purchases to stock up after recent lower imports. Soyoil imports decreased while sunflower oil imports increased. Overall, edible oil imports for the 2023-24 marketing year decreased slightly.
Time to look at consumption differently? 12 stocks from the New Age Consumption stocks with upside potential of above 26%
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Diesel market flashes warning sign in India as growth slows
India's diesel demand experienced stagnation in October, marking a potential shift in the nation's fuel consumption patterns. This slowdown, attributed to factors like a cooling economy and evolving consumer preferences, raises concerns for the global oil market.
Day-to-day items to get pricier? FMCG firms worry over high inflation, squeezing urban market
Leading FMCG companies such as HUL, GCPL, Marico, ITC, and Tata Consumer Products reported declining margins in the September quarter due to high input costs and food inflation. While urban consumption slowed, rural markets saw growth. Premium products and quick-commerce channels provided some relief as companies considered price hikes to stabilize margins.
Petrol, ATF sales surge 8.5% in Oct
Petrol and jet fuel sales increased by around 8.5% in October due to higher travel during the festive season. Diesel sales remained stagnant, affected by factors such as high rainfall and a shift towards electricity by farmers and railways. LPG sales rose by 7.5%.
Consumers face the heat with cooking oil on the boil
Consumers in India are paying more for cooking oils like mustard, soyabean, and palm oil as demand rises due to Diwali. India increased import duties on these oils to support soybean prices. However, soybean prices remain below the minimum support price levels, affecting farmers and the edible oil industry.
India's diesel consumption to rise 3%-4% this fiscal: Indian Oil chairman
India's diesel consumption is predicted to grow by 3%-4% this fiscal year, said IOC chairman V Satish Kumar. Despite a 1% rise in demand to 44.4 million tons from April-September due to heavy rains, consumption is anticipated to increase from October with the onset of crop harvesting.
India eyes $87 bln investment in petrochemicals sector over next decade, says Hardeep Singh Puri
India is set to receive $87 billion in investments over the next decade to meet rising petrochemical demand. As per Oil Minister Hardeep Singh Puri, India's petrochemical sector, valued at $220 billion, might grow to $300 billion by 2025. Companies like Haldia and ONGC have committed $45 billion toward this goal.
Oil and gas import bill rises 20% to $69b in H1 of FY25
India's net oil and gas import bill rose by 20% to $69 billion in the first half of the fiscal year due to rising consumption and stagnant domestic production. Crude oil imports increased to $71.3 billion, while LNG imports jumped 18%. This rise in import costs was exacerbated by a decline in refined product exports.
Oil use falls for second straight month in September
India, the world's third-largest oil consumer, saw oil consumption decline for the second month in September, influenced by a surprising drop in diesel demand. This trend adds pressure to global crude prices already impacted by weak Chinese demand. Vehicle sales also saw significant declines, contributing to reduced fuel consumption.
Petrol sales rises 2.8% in September, diesel drops 2%
Petrol sales in India saw a 2.8% increase in September year-on-year, while diesel fell by 2%, indicating an oil demand slowdown. LPG sales rose by 1%. The growth rates for these fuels in September were lower than the April-August averages. Jet fuel sales jumped 9.5% driven by strong air traffic.
India to boost crude oil refining capacity by 35-40 MT by Fiscal 2030: Crisil Ratings
India's oil marketing companies are set to increase the country's crude oil refining capacity by 35-40 million tonnes by fiscal 2030, reaching a total of 295 million tonnes. This expansion, driven by rising domestic oil consumption, will require an investment of Rs 1.9-2.2 lakh crore. Most additions will be brownfield expansions, reducing project risks and ensuring steady returns.
Oil demand growth falls 45% till August
India's oil demand growth has nearly halved this financial year, with diesel sales stagnating. Diesel sales, which make up 38% of refined product consumption, have risen just 1%. High rainfall and lower power consumption contributed to the decline. Domestic production and exports of petroleum products have also slowed.
India's August Russian oil imports slip 18% from July, tanker data show
India's oil imports from Russia dropped by 18.3% in August to about 1.7 million barrels per day due to reduced crude processing by some refiners. Despite the decline, Russia remained India's top oil supplier, followed by Iraq and Saudi Arabia. Overall, India imported 4.7 million barrels per day of oil in August, down by about 1% from July.
Changed oil market may help India extract better deals from suppliers
India's fuel consumption is rising while global demand weakens, affecting next year's crude purchase negotiations. The govt plans to pass benefits of a new oilfield law to winners of the ninth exploration licensing round. The volatile market may delay state-run companies from reducing consumer prices.
Natural gas output, consumption fall in August
In August, natural gas production and consumption in India both declined compared to the same month last year. Natural gas output dropped by 3.7% to 3,048 million metric standard cubic meters (MMSCM), with a 4.7% decrease in ONGC fields and a 3.5% decline in private sector fields.
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