Petrol, diesel demand to shoot up in 5 years; govt takes these key steps to boost oil production
India’s oil demand is expected to surge at a much faster rate than its peer China in the next five years. India is one of the biggest oil-importing nations as it largely depends on imports to fulfill its domestic oil requirement. However, a further rise in oil imports may substantially add to the deficit if the country itself doesn’t produce sufficient oil. The total primary energy in the country is projected to increase from 233 MT in 2018 to 305 MT in 2025, whereas China’s oil demand is projected to increase from 593 MT in 2018 to 672 MT in 2025, said the Ministry of Petroleum & Natural Gas citing International Energy Agency.
