India oil refining capacity to surge 46% by March 2017
“A CRR cut is very unlikely, but we see a reasonable possibility for a repo rate cut,” he said.
India's oil refining capacity will exceed 6.2 million barrels per day (bpd) by March 2017 from about 4.26 million bpd now, Oil Secretary G.C. Chaturvedi said in a speech delivered to an industry function on Monday.
India and other emerging markets are boosting refining capacity to feed rising regional demand, while their counterparts in the United States and Europe restructure or shut plants as fuel sales slow.
Chaturvedi also said India's oil consumption is set to grow by over 4 per cent in the next 10-15 years as compared to the global oil demand growth of only 0.8 per cent.
He said diminishing availability of crude oil and its high prices are a matter of concern as India's per capita energy consumption will have to increase to power its economic growth.
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