India's Fuel Demand Expected to Continue Rising Until 2034

India's road transport fuel demand is expected to continue rising, despite the accelerated adoption of electric vehicles. The growth in the number of vehicles and increased fuel consumption in the commercial transport sector will support the country's oil consumption growth. According to the "2026 India Electric Vehicle Outlook Report," India's road transport fuel demand will continue to grow over the next eight years, with daily production expected to exceed 2.5 million barrels around 2034, before gradually declining. In the long term, the increased penetration of electric two-wheelers, three-wheelers, and passenger vehicles will lead to a fuel substitution effect, which is expected to outweigh the impact of growth in fuel consumption for commercial vehicles, thereby driving an overall decline in fuel demand.

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