Nayara Energy sees 14.3% rise in domestic fuel sales
Nayara Energy's Fuel Sales Soar by 14.3% as Domestic Demand Rises in 2024
Boost in Domestic Fuel Sales
Nayara Energy’s oil refinery in Vadinar, Gujarat, produced large amounts of diesel and petrol. The company sold 75% of its diesel and 60% of its petrol in the local Indian market. Over the last few years, Nayara has focused on growing its business in India. It has been opening more petrol pumps in areas that need better access to fuel, helping fuel India’s growth.
In the second quarter of 2024, retail diesel sales increased by 14%, reaching 2.08 million tonnes, up from 1.82 million tonnes a year earlier. Nayara’s institutional sales also grew by 23%. Similarly, retail petrol sales went up by 14.7%, reaching 0.916 million tonnes, compared to 0.809 million tonnes in the same period the previous year.
Expansion of Retail Network
Nayara Energy has the largest private network of petrol pumps in India, with over 6,500 pumps across the country. Most of these petrol pumps (99%) are fully automated, which means they use advanced technology to keep things running smoothly. This automation makes sure that high standards are followed, improving travel and transportation across India.
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Decrease in Exports
After meeting local demand, Nayara Energy exported its extra fuel, including jet fuel and diesel. The company exported about 1.36 million tonnes of fuel during the second quarter of 2024. However, with strong demand in India, Nayara’s petrol exports dropped from 36% of total petrol sales in the same quarter of 2023 to 21% in 2024.
Out of the fuel exported in 2024, 0.65 million tonnes were diesel. The company’s main export markets are Africa, Southeast Asia, and the Middle East. Over the last five years, the amount of diesel Nayara exports to Europe has become very small.
India’s Fuel Market Growth
According to India’s oil ministry, the demand for petrol and diesel grew in the second quarter of 2024. A total of 34.36 million tonnes of fuel was sold, which is a 3.1% increase from the 33.32 million tonnes sold during the same period in 2023. Petrol consumption grew by 7.1%, while high-speed diesel (HSD) consumption rose by 1.6%.
Supporting India’s Energy Needs
Nayara Energy remains dedicated to being a strong partner in India’s economic growth. The company is committed to serving India’s fuel needs. While India imports crude oil, the country has plenty of refining capacity, which means it produces more petrol and diesel than it needs. In 2023-24, India used 233.3 million tonnes of petroleum products but produced 276.1 million tonnes. This extra fuel is exported to other countries.
Conclusion
Nayara Energy’s commitment to fueling India’s growth is evident from its expanding retail network and increased focus on the domestic market. As India continues to grow, Nayara is positioned to play a key role in meeting the country’s fuel needs while maintaining a strong export presence.
