Economy - Reports
India targets to expand refinery capacity from 256.8 MMTPA to 310 MMTPA by 2028 As on : 27-Nov-24  12:11

Petroleum Minister Hardeep Puri has stated that government of India has undertaken landmark reforms in the upstream, midstream, and downstream sectors of Hydrocarbon industry in India. The Minister further highlighted amendments to the Oilfields Regulation and Development (ORD) Act and efforts to expand refinery capacities and increase ethanol blending in petrol. The Minister was addressing the FIPI Oil & Gas Awards 2023 Ceremony. Talking about India's progress in the energy sector, Puri stated, is evident in key achievements such as the reduction of fuel prices over a three-year reference period, making India the only country globally to achieve this. LPG cylinder prices in India are among the lowest worldwide, with costs as low as Rs. 6/day for PMUY households and Rs. 14/day for non-PMUY households. He also noted the expansion of refinery capacity from 215 MMTPA in 2014 to 256.8 MMTPA in 2024, with a target of 310 MMTPA by 2028. He noted that India is on track to increase its exploration acreage to 1 million square kilometers by 2030, with a 16% increase expected by 2025.

Powered by Capital Market - Live News