M K Surana, the chairman and managing director of Hindustan Petroleum Corporation Ltd (HPCL), said electric vehicles will not be a threat to the oil industry “at least for the next ten years” as it will snatch away only a part of the “incremental demand” and “not disrupt the existing demand”.
“The main concern now (with the push for EVs) is that, is it the end game for the oil industry; we do not believe that. Does it mean that it is business as usual; the answer is no,” Surana said at a media conference on Wednesday.
The slowdown in the auto sector, according to Surana, was “very natural” as customers were “holding back” on purchases/expansions with BS6 fuels being made compulsory from April next year. Read More
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