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Demand for Petroleum Products

Monday, September 4, 2006

Demand for Petroleum Products

The demand for petroleum products is linked with the energy requirements of the country, which is a function of the country, which is a function of the level of economic activity as a measured by the GDP. Presently India is undergoing major economic and industrial reforms for integrating its economy with the global economy. In the liberalised scenario, the hydrocarbon sector has been identified as one of the main areas of the focus. Major policy changes are planned for the vital sector to make the oil industry globally competitive. With the reforms package formulated and expected high growth in all economic sectors, the demand for petroleum products is expected to show a compound growth of about 7%. In absolute terms, the demand for petroleum products by the year 2006-07 is expected to increase from the present level of 80 million tonnes to 155 million tonnes per annum.

Challenges

The challenges for the refining sector are threefold:

  1. To build up adequate refining capacity; new refineries, expansion and replacements.

  2. To update/implement the emerging technologies to meet the predominant demand for middle distillates.

  3. To improve the quality of India's petroleum products to make them environment-friendly and globally competitive

Source: Ministry of Petroleum & Natural Gas


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