Indian Oil Corp, India's state-run national oil company, experienced increased production in March, according to data released by the Ministry of Petroleum & Natural Gas in New Delhi, Fox Business said on Tuesday. Oil production numbers were up 7.46 percent from the previous month due to strong demand for transportation fuels.
Meanwhile, petroleum product consumption for March was higher at 5.1 percent increase year-on-year at 13.499 mt. Diesel sales ticked up 10.3 percent, while petrol consumption was higher 11.5 percent. Naphtha and natural gas combined saw a rise of 19.5 percent year-on-year.
India currently imports over 2.4 million barrels of oil per day, and of that, approximately 0.75 million barrels come from domestic supplies.
by RTT Staff Writer
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