Services

Petroleum sector in India

The Indian petroleum industry started its journey at a very slow pace from a place called Digboi, in the state of Assam. The production of petroleum and new extraction locations were manly limited to the North-Eastern parts of the South Asian country till the 1970s. In the beginning, the government completely subsidized the entire market. In July 1991, with economic liberalization and privatization, the Indian government started giving industrial control to private hands and entered into joint ventures. This gave the sector a tremendous boost and allowed it to grow.

In 2020, the production volume of petroleum products in the country amounted to more than 195 million metric tons. Since then, the impact of the private sector on the petroleum industry has been immense. Through the private sector, there was a refinery capacity addition of almost 90 million metric tons in 2020. India is the second largest refiner in Asia, second only to China.