India’s fuel demand to rise by over 4% through 2030: Nayara CEO

New Delhi: Overall fuel demand in India will rise by more than 4 percent per annum to 2030 as the country improves road transport network, head of Nayara Energy B Anand said on Tuesday. Anand said that India's fuel demand is set to grow at 4.
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7 percent a year to 5.5 million barrels per day (bpd) through fiscal year 2025, and then 4 percent per year to 6.6 million bpd through 2030.

Gasoil demand to rise by 5.3% per year

Nayara's Chief Executive said that demand for gasoil is expected to grow at 5.3 percent every year through the 2025 financial year and by an average of 4.5 percent through 2030, he said while speaking at the Asia Pacific Petroleum Conference in Singapore.

Both gasoline and gasoil will continue to benefit from rising car sales and a stronger manufacturing industry. However, Anand warned that faster than expected penetration of electric vehicles could pose a risk to demand growth. While noting that the share of renewables, including solar, wind and natural gas, was likely to increase in the next decade, Anand said that absolute oil demand would still rise strongly over the next decade.

India will rely on road transport to move freight

The Nayara chief said that India will continue to rely on road transport to move freight across the country. He added that the number of passenger cars would steadily increase in the coming years with rising vehicle ownership.

Nayara capable of producing low-sulphur fuel

The CEO said that Nayara, which operates a 400,000-bpd refinery, is capable of producing the new low-sulphur grade marine fuels starting in 2020.