Annual demand for refined petroleum products in Oman is expected to grow by 10% between now and 2030, Oman Oil Refineries and Petroleum Industries (Orpic) has estimated.
Demand for petrol, diesel and aviation fuel will surge to 582,000 barrels per day (bpd) by the year 2030 from 124,000bpd in 2014 and an estimated 126,000bpd in 2015, Orpic said.
Of the estimated 126,000bpd in 2015, 65,000bpd would be for petrol, 50,000bpd for diesel and 11,000bpd for aviation fuel.
Demand for petrol and diesel is expected to be the highest, driving overall growth in the Sultanate.
Projections for growth in fuel demand for the current year is marginal at 1.61% to 126,000bpd, mainly due to a 2.61% fall in new vehicle registration in the first half of 2015, Times of Oman reports.
The total number of vehicles registered till the end of June 2015 stood at 50,802 as compared to 68,700 for the same period in 2014, apparently due to a slowdown in economic activity, the local paper said.
It added that compounded annual growth rate of fuel demand in the last nine years stood at 10.4% from merely 56,000 bpd to 124,000 bpd in 2014.
Usage of aviation fuel is also expected to surge once the new airport starts operation at the end of next year