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Oil consumption in India is expected to be 7-8 per cent this year, outpacing China's demand growth for the third consecutive year, as impact of demonetisation is likely to be short-lived, according to Platts.
LPG and transport fuels demand will rise, while new petrochemical projects would be a boon for naphtha demand.
“The dramatic rise in India’s oil demand shows no signs of faltering; the country will remain a driver of Asian growth in 2017,” Platts Analytics said in a note.
The cash crunch following demonetisation is expected to “temporarily dampen the country's appetite for oil products in the first quarter, or maybe a little longer,” it said.
“But gains in oil demand that the country is set to achieve from the ‘Make in India’ initiative — which aims to raise the share of manufacturing in GDP over the next few years — will more than offset the negative effects of demonetisation,” Platts quoted analysts as saying.