With the gradual expansion of refining capacity, the country has already become self-sufficient in the refining sector. As a result of various efforts, Indian refining capacity has increased from 215.1Million Metric Tonne Per Annum (MMTPA) to 256.8 MMTPA in last 10 years. Against the present refining capacity of 256.8 MMTPA, the domestic consumption of the petroleum products in the year 2023-24 was 233.3 MMTPA. Country’s refining capacity is projected to increase to 309.5 MMTPA by the year 2028. Based on the long-term growth trends in consumption of Petrol and Diesel and various efforts of the Government towards energy transition, increasing adoption of Compressed Natural Gas (CNG), Bio fuels including Ethanol, Electric Vehicles (EV), etc. as well as evolving consumer preferences, this capacity is likely to be adequate to meet projected demand Further, the refineries are continuously upgrading their facilities as per the latest technologies for improving quality of refining. Distribution of BS-VI Auto Fuel has already been implemented with effect from 01.04.2020 and presently all retail outlets of Oil Marketing Companies (OMCs) are supplying BS-VI Motor Spirit (MS) and High-Speed Diesel (HSD) on pan-India basis.
As per the information provided by the Ministry of Statistics and Programme Implementation (MoSPI), Gross Value Addition (GVA) of manufacture of Coke and Refined Petroleum Products (NIC 19) has increased from Rs.1.56 lakh Crore in 2012-13 to Rs. 2.12 lakh Crore in 2022-23 (As per First Revised Estimates) which has also contributed in increase of All India GDP from Rs.99.44 lakh Crore to Rs. 269.49 lakh Crore in the corresponding period, at current prices.
Comments are closed.