Demand for energy in India is skyrocketing, and as long as the consumption is growing, it tells a good story, Minister for Petroleum and Natural Gas, Hardeep Singh Puri, said on Wednesday.

According to him, for the next 20 years — up to 2045 — 25 per cent of the increase in demand for energy will come from the Indian market. India, interestingly faces a “trilemma” (three-pronged challenge) of availability, affordability in price and sustainability, said the Minister.

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“We need to ensure availability (of energy) and a country of India’s size cannot afford to even have a minor error in supply. The second is affordability. It means that whilst you are following market principles and want the market to set to price, you need some level of administered pricing. And the third part is sustainability,” he said during the annual session of the CII.

India has a total of 77,000 petrol stations, of which around 22,000 are private. When prices went up, many pumps had signs diverting customers to government pumps where fuel would be cheaper. A concern is also that the increasing energy prices would lead to inflation. Hence, a delicate balance needs to be maintained.

Highlighting the significance of energy availability, the Minister said nearly 6 crore people visit petrol pumps every day; and availability has to be ensured across. “We have not allowed the availability and affordability issues affect our commitment towards sustainability,” he said.

According to Puri, Indian companies are already adopting compressed natural gas as an alternative to conventional fuels. And the government is also facilitating development and adoption of green hydrogen.

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