India's diesel demand is likely to double to 163 million tonne in 12 years as consumption rises in the world's fastest-growing economy, Oil ministry said.
The ministry said as per the International Energy Agency's World Energy Outlook 2018, the country's oil demand is projected to jump by 61 per cent to 350 million tonne of oil equivalent by 2030, from 217 million tonne in 2016.
India is the world's third-largest oil consumer.
The country's compound annual growth rate (CAGR) of 3.47% in oil demand compares with 1.92% projected for China during the 2016-2030 period. During this period, the US and Japan are likely to witness a contraction of demand, while Russia may just manage a positive growth with consumption rising from 149 million tonne to 154 million tonne, the ministry said.
As per the report of a working group constituted by the Ministry of Petroleum and Natural Gas on enhancing refining capacity by 2040, the demand for petrol is likely to rise from 26.2 million tonne in 2017-18 to 49 million tonne in 2029-30.
For diesel, the demand is projected to grow from 81.1 million tonne in 2017-18 to 163 million tonne in 2029-30, the ministry said.
India saw oil consumption rise from 197.8 million tonne in 2015 to 217.1 million tonne in 2016 and 222.1 million tonne in 2017, the government noted.