India's crude oil demand to hit 500 million tonnes by 2040: Report
Crude oil
Executive director at Indian Oil Corp, Partha Ghosh, on Tuesday stated that crude oil demand in India is expected to grow to 500 million tonnes per year by 2040.
The demand would be equivalent to around 10 million barrels per day (bpd), up from about 4.7 million bpd in 2017, news agency Reuters reported.
The central government has been facing criticism over unabated escalating fuel prices in the country since the past few weeks. The BJP-led government has been blaming the rise in global crude prices for the rising fuel prices in the nation.
Fuel prices in Delhi and Mumbai saw a fresh hike on Tuesday with petrol selling at Rs 82.86 per litre in Delhi and diesel at Rs 74.12 per litre. Petrol prices in the national capital today witnessed a rise of 14 paise whereas diesel rose by 10 paise.
In Mumbai, petrol and diesel prices amounted to Rs 90.22 per litre and Rs 78.69 per litre, respectively.
Meanwhile, Department of Economic Affairs Secretary Subhash Chandra Garg on Friday said that discussions are taking place with the United States regarding the reduction of oil imports from Iran.
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"We are in talks with the USA and they told us to reduce the import from Iran significantly. We have done that to some extent. As clarity in the situation emerges, steps will be taken accordingly by the government by November 4," he told ANI.
(With inputs from agencies)