India’s fuel demand seen at a record even as oil nears $100
Team Ambitiousbaba are here with a Current Affairs Special Series. In this series, candidates will be introduced to current affairs topics daily, which will not only improve their general awareness but also will ensure that the candidates do not lack in any current affairs topic. Today’s Current Affairs topic is “India’s fuel demand seen at a record even as oil nears $100”
India is the world’s third-biggest oil user, is expecting spending on petroleum fuels to touch a record next year even as crude prices move toward the $100-a-barrel mark.
As per the predictions by the Indian oil ministry’s Petroleum Planning and Analysis Cell, Demand has been limit at 214.5 million tons in the year starting on April 1 and it would be an all-time high if it achieved and an increase of 5.5% from a revised estimate for 2021-22.
Local sales of gasoline, diesel and other fuels have started going up after being ripped off by several virus waves and tax-inflated pump prices in the past two years. However, the nation is yet to reimburse the losses caused by the pandemic that had beheaded consumption by as much as 70% at one stage following the world’s strictest lockdown in 2020.
As India is the third-biggest crude oil buyer that relies on the global market for about 85% of its requirements, any up move in consumption in India, it would increase in import bill at a time.
The government may focus on converting more sugar and grains into bio fuel to reduce its dependence on overseas supplies and cut bulking sugar stockpiles.
The world’s largest independent oil trader anticipates oil prices to be above $100 for a “prolonged period” over the next six to nine months. That would Incapable of being avoided or prevented increase pump prices in India.
High oil prices lay a challenge to India’s demand recovery. When crude oil sold around $100 a barrel in 2013-14, the country’s annual consumption growth of petroleum products declined below 1%. Consumption has been lower than initial estimation by the oil ministry’s agency during the past three years.
Question & Answer:
Q1. What is the number of India in terms of oil user?
Q2. Which nation is the biggest exporter of Oil for India?
Q3. Who is the union minister of oil and petroleum ministry?
Ans. Hardeep Singh Puri
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