• Tuesday, September 27, 2022

Business

India’s new motorcycle owners drive gasoline boom

Indian motorcycle owners are fueling a boom in gasoline consumption

By: Eastern Eye Staff

INDIA’S gasoline consumption is growing rapidly as millions of additional households buy motor cars and especially motorcycles as a status symbol amid growing prosperity, according to industry analysts. Gasoline consumption averaged 550,000 barrels per day between June and August, an increase of nearly 15 percent from 480,000 bpd a year earlier. Gasoline consumption also reached a new record of 600,000 bpd in August, according to the country’s Ministry of Petroleum and Natural Gas. Consumption remains low compared with the advanced economies or China, the other emerging-market giant, but no other country is exhibiting such fast and sustained growth. The number…

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