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The consumption volume of petroleum products in India was approximately *** million metric tons in fiscal year 2024. 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 ** million metric tons during the fiscal year of 2024.

Road ahead

With the backing of robust economic growth and a booming automotive industry, the demand for petroleum products was anticipated to grow, as suggested by an annual growth rate of more than **** percent observed in the fiscal year 2024. With its rich resources and bold ambitions, the country is poised to become a global leader in clean energy, paving the way for transformative change worldwide and inspiring others to follow suit.

Switching gears

Rapid globalization and fast changing technology combined could salvage what is left of the depleting oil 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.