World, as we know, is pretty much dependent on the different types of energy to take care of its growth and development. In ancient time, energy was only present in the form of natural resources. But now, humans are fulfilling their need with the different forms of energy like coal, petrol, gas, oil, power etc. This demand for such forms of energy is increasing day by day and thus creating a marketplace where the consumer can buy and cope with their needs. This market is not limited to providing service but also contributes to the national economy. The petroleum industry(especially gas and oil) is coming out the be the the important part of the infrastructure and plays an important role in maintaining the economic wealth of all countries.
Oil and gas industries in India contributes about 14% to 16% of GDP which certainly marks this industry as major factor for growth today. India is one of the largest consumer of oil in the world with a consumption of 205 million tonnes of refined and purified products in an year. In 2017, 244 million tonnes was the annual capacity while in 2016, it was much lower. Saudi Aramco, World’s largest oil exporter is also looking positively to invest in India to strengthen the refineries and petrochemicals as it looks to enter into a strategic partnership with the country.
Due to latest tax system launched by the government of India, there is a decline in economic growth. Now according to data India growth demand is decreases upto 4.4% these data shows positive steps toward economy slow down in last few years and gasoline and Diesel consumption increase in recent years ( source – ). Oil( petrol and Diesel) are not included in GST (goods and services tax) which results in different price structure for these Oils in different states mainly because of different state level taxes and surcharges for different amenities.