BENGALURU: India’s gasoline demand is expected to peak by 2035, and gasoil (diesel) consumption by 2041 or beyond as motorists shift to cleaner fuels, an executive at Reliance Industries said on Thursday. India, seen as a key driver for global oil demand growth, has set a goal to eliminate net carbon emissions by 2070.
India is set to lead global oil demand growth this year, surpassing China, with fuel consumption expected to increase throughout the next decade.
“Energy transition is absolutely on the cards. In our country it is not going to be one fuel which is going to be dominant,” said Harish Mehta, president of Strategy and Business Development at Reliance Industries.
Apart from gasoline and gasoil, India will see a dominant role of gaseous fuels such as liquefied natural gas, compressed natural gas and compressed biogas in the transportation sector along with electric mobility, Mehta said at an event run by Petroleum Planning and Analysis Cell.
India would have a “bouquet of energy sources or the fuels for transport and other things” simultaneously. Reliance, which operates the world’s largest refining complex at Jamnagar in western Gujarat, has two refineries at the complex processing about 1.4 million barrels of crude per day. To make the fuels affordable and mitigate the impact of volatility in global oil markets for consumers, he expects India’s government to continue to intervene in local fuel pricing. India’s oil and gas consumption is expected to grow at 3-4% annually, requiring a push to boost domestic hydrocarbons production, said A. K. Singh, chairman of Oil and Natural Gas Corp.
Indian Oil Corp chairman, A S Sahney, said as India’s energy demand continues to rise, state refiners are expanding capacities by about 20% in the next two years.
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