Oil refiners likely to add 35-40 mt capacity spending Rs 2 tln by FY30
New Indian ExpressMUMBAI: Oil marketing companies are likely to add 35-40 million tonnes of crude oil refining capacity and take the installed base to 295 mt by fiscal 2030 to meet the rising consumption forecast as the current capacities are already being optimally utilized at 100-103 percent. Within transport fuels, diesel grew 3 percent; petrol grew 8 percent, and jet fuel grew 4 percent. Anuj Sethi, a senior director with the rating company, expects overall petroleum product consumption to slightly moderate and register 3 percent annually through the next six years, primarily due to slower growth of 2-3 percent in transport fuel demand as fuel economy improves will the rising share of vehicle sales with alternative cleaner fuels, and 20 percent ethanol blending target proposed by the government. Amongst transport fuels, 75 percent of diesel sale is linked to commercial vehicles, wherein a move towards electric vehicles or usage of natural gas by buses will lower diesel demand, thereby moderating growth to 2-2.5 percent per annum over the next six years, he said.
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