CURRENT AFFAIRS

Detailed explanation-1: -Aggregate consumption of petroleum and related products fell 9.1% over the previous fiscal in FY21.

Detailed explanation-2: -Oil Consumption in India India ranks 3rd in the world for oil consumption, accounting for about 4.6% of the world’s total consumption of 97, 103, 871 barrels per day.

Detailed explanation-3: -In October 2022, petroleum consumption for India was 4, 867 thousand barrels per day. Though India petroleum consumption fluctuated substantially in recent months, it tended to decrease through November 2021 - October 2022 period ending at 4, 867 thousand barrels per day in October 2022.

Detailed explanation-4: -The consumption volume of diesel in India for 2022 was projected to amount to approximately 79.3 billion liters. While this was a slight increase in comparison to the previous year, this figure marks a decline in the diesel consumption volume from 2019’s peak of 100.2 billion liters.

Detailed explanation-5: -If current trends continue, India’s consumption will average at least 5.2 million barrels a day in 2022, surpassing the previous annual record, which was set in 2019 before the onset of the pandemic at 5 million barrels a day.