Indian Refiner Expects Domestic Fuel Demand to Rise by 5% Annually

Fuel demand in the world’s third-largest crude oil importer, India, is set to rise by between 4% and 5% per year for the “foreseeable” future, G. Krishnakumar, chairman of India’s state-controlled refiner Bharat Petroleum Corporation Ltd (BPCL), said on Friday. At the same time, Indian consumption of petrochemicals is expected to increase at an even higher rate, by 7% to 8% each year in the foreseeable future, Krishnakumar told BPCL’s shareholders, as carried by Reuters. To meet growing demand for refined oil products…