Page 44 - Policy Economic Report - November 2024

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

the Year” in both male and female categories. Shri Suresh Gopi, Minister of State for Petroleum and
Natural Gas & Tourism, Shri Pankaj Jain, Secretary, MoPNG and CMDs of various Oil/Gas PSUs were also
present at the event.

Talking about India’s progress in the energy sector, Shri 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.
Furthermore, India is on track to increase its exploration acreage to 1 million square kilometers by 2030,
with a 16% increase expected by 2025.

Shri Puri also highlighted the government’s success in increasing ethanol blending in petrol, from 1.53%
in 2014 to 16% in 2024, with the goal of reaching 20% next year. This achievement places India as the
second-largest economy in biofuel blending, following Brazil. The expansion of City Gas Distribution (CGD)
coverage was also underscored, with 100% CGD area coverage expected in 2024, compared to just 5.5%
in 2014.

The Minister noted that India’s energy landscape is rapidly evolving, with a surge in deeptech start-ups
spurred by government initiatives and investor confidence. Indian entrepreneurs have filed more than
1,400 patents in deeptech in the past five years, and the country’s start-up ecosystem now ranks as the
third-largest globally, with over 1 lakh start-ups and nearly 120 unicorns.

Speaking at the event, Shri Puri also congratulated all participants for making the second edition of India
Energy Week (IEW) 2024 a resounding success. Speaking at the event, he announced that the next edition
of India Energy Week (IEW) 2024-25 will be held at Yashobhoomi, Dwarka, New Delhi, from 11th to 14th
February 2025. Shri Puri highlighted that IEW has rapidly become a significant global energy platform,
attracting millions of dollars in business and establishing itself as the new meeting point for energy
professionals worldwide.

In just two years, India Energy Week has cemented its place on the global energy calendar, owing to India's
rapid economic growth, expanding consumer base, and favorable investment climate. Shri Puri pointed
out that India’s energy sector is increasingly recognized for its innovation and potential.

The Minster shared key highlights of the upcoming IEW 2025, noting that it will feature over 700
exhibitors, 105 conferences, and attract more than 70,000 delegates. In comparison, the 2024 edition saw
participation from over 600 exhibitors and 45 strategic and 46 technical conferences. IEW 2025 will also
expand to host 10+ country pavilions, further showcasing the global significance of India’s energy
ecosystem. He called on all participants to treat IEW 2025 as more than just a conference, but as a
movement towards creating a greener, smarter, and more resilient energy ecosystem.

The Minister also congratulated the awardees and nominees for their outstanding contributions, which
continue to strengthen India’s progress towards energy self-reliance.

Ethanol Mixed with Petrol

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