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. 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 hit a new record of 600,000 bpd in August, according to the 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 of registered vehicles on India’s roads has been doubling every seven years and hit 182 million in 2013, according to the Ministry of Road Transport and Highways ( ) (“Road […]