Dynamics of Petroleum Consumption and CO₂ Emissions: Transformations in Business and Society for a Resilient Future

Abstract

This study apply the wavelet coherence methodology to monthly data on petroleum consumption and carbon dioxide emissions in India from April 1998 to June 2025. Results indicate a consistently strong positive association, particularly across medium- to long-term cycles, with changes in petrol consumption frequently preceding variations in CO₂ emissions. Short-term fluctuations are less stable, but major events such as the COVID-19 pandemic exhibit clear simultaneous impacts on both variables. The results show that petrol significantly contributes to emissions and gives useful information for making policies that would help Indian businesses and society achieve resilience by regulating petroleum demand, lowering carbon intensity, and more.