Consumption volume of petroleum products in India FY 2012-2023

The consumption volume of petroleum products in India was approximately 205 million metric tons in fiscal year 2022. The country was ranked third with regard to primary energy consumption across the globe. With the industry growing rapidly, inland production of petroleum products does not suffice. The import volume of petroleum products reached figures close to 33 million metric tons during the fiscal year of 2019.

Road ahead

With the backing of robust economic growth and a booming auto motive industry, the demand for petroleum products was anticipated to grow as suggested by an annual growth rate of more than three percent observed in the fiscal year 2019. Although the country’s auctioned renewable capacity stood close to 70 percent in 2017, the market in the renewable sector had not been so welcoming.

Switching gears

With oil reserves amounting to less than a billion metric tons in 2017, a radical change in the transportation policy of the country could benefit the situation. Rapid globalization and fast changing technology combined could salvage what is left of the reserves. In a bright sunny country with ample sunlight hours, investments in solar energy and replacement of conventional vehicles with electric vehicles might hold the key to a sustainable future.