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Reliance executive: India's diesel and gasoline demand will peak in 2035.

Reliance Industries executive said that India's gasoil consumption (diesel), which is expected to reach its peak in 2035, will continue to increase as drivers switch to cleaner fuels.

India, a major driver of global oil demand, has set the goal of eliminating net carbon emissions by 2070.

India will surpass China in terms of global oil consumption this year. Fuel consumption is expected to rise throughout the next decade.

Energy transition is definitely on the agenda. "In our country, there isn't going to just be one fuel dominant," Harish Mehta said.

Mehta, speaking at an event organized by the Petroleum Planning and Analysis Cell, said that India's transportation sector will be dominated by gaseous fuels, such as compressed natural gas and compressed Biogas, along with gasoline and gasoil.

India would simultaneously have "a bouquet of energy sources, fuels for transportation and other things".

Reliance operates the largest refinery complex in the world at Jamnagar, located in western Gujarat. The complex has two refineries that process about 1.4 millions barrels of crude oil per day.

He expects the Indian government to continue intervening in the local fuel price to make fuels affordable for consumers and to mitigate the impact on global oil markets.

A. K. Singh is the chairman of Oil and Natural Gas Corp. He said that India's oil and natural gas consumption will grow by 3-4% per year, and this requires a boost in domestic hydrocarbon production.

A S Sahney said that as India's demand for energy continues to grow, state refiners will expand their capacity by around 20% over the next two-years.

(source: Reuters)