An ambitious projection by a government panel on electric vehicles over the next decade has created jitters among the oil refining industry which has lined up billions of dollars to ramp up capacity in the world’s fastest growing major economy.
From a paltry 0.02 per cent share in the transport sector in FY15, electric vehicles are projected to reach a share of 25 per cent by 2025 and 40 per cent by 2030, a working group mandated by the Ministry of Petroleum and Natural Gas has concluded in a 2018 report after evaluating various scenarios, according to Vijay Sharma, Director (Refinery) in the Ministry.
Saving fuel costs
Based on current trends, the working group wrote that India will require 472 million tonnes (mt) of petroleum products by 2040. A transition to a mix of electric vehicles and renewables will cut the requirement to 387 mt. But Read More