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India’s crude import bill will increase despite numerous measures - Moody’s

Gasoil News - Published on Mon, 20 May 2019

Image Source: The Hindu
A Moody’s report said that India’s crude import bill will surge despite numerous measures by successive governments to reduce dependence. India’s oil and gas consumption will support its investments in refining capacity and upstream production but crude imports will keep growing amid stagnant production. India imports nearly 80 per cent of its oil requirement, which makes it highly dependent on imported oil and hence susceptible to wild fluctuations in the international oil market.

The government’s push towards electric vehicles to reduce dependence on imported oil was also not seen to be bearing fruit in the near term. Moody’s commented "Even though the government is encouraging faster adoption and manufacturing of electric vehicles, the response has not been great because of a lack of high-quality, affordable vehicles and the evolving charging infrastructure."

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Posted By : Rabi Wangkhem on Mon, 20 May 2019
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