As the domestic consumption of fuel rises, the government is reassessing India’s future oil needs. According to a report in The Economic Times (ET), the oil ministry has been asked by the government to prepare a report on the country’s future fuel demand and refining capacity needs.
The expectation that oil demand would fall and give way to alternatives has not played out well. Thus, the demand is expected to rise in the years to come, the report added. In the four months of the current year, till July, the petrol and diesel demands have grown 23.4 per cent and 17.5 per cent, respectively.
