Meta Description: Recently, India reportedly spent INR 8,00,000 crore on diesel and petrol imports. Read about the dangers of depending on foreign countries for oil and diesel.
The Ukraine-Russia conflict has helped spark the oil crisis, bringing crude prices above USD 100 per barrel, exposing the vulnerability of India's trade deficit and overall energy safety.
With a high reliance on foreign oil, Prime Minister Narendra Modi's goal of an Energy Independent India by 2047 appears to be a long way off. However, in recent years, India has now practically removed its oil dependency in the transport industry, which accounts for the vast majority of its crude prices, thanks to a dramatic drop in cleantech costs.
We should unite as a country in our quest for reduced fuel prices and less reliance on foreign power sources to power our development.
Why Is Oil Independence Important?
Oil independence, which includes energy independence, is attainable and within the nation's capabilities. India has the intellect and mineral wealth; the country only needs well-integrated missions to meet the goal in a timely manner.
Over 80% of the country's petroleum reserves are already owned and controlled by governments, providing them with the potential to influence supply and price.
To most, oil independence helps develop crude production, energy, and renewable panels. However, it also includes fully using hidden power sources, such as solar, and transforming the natural resources into power.
The country is taking a somewhat more aggressive stance on solar energy, but traditional energy sources will have to be overhauled quickly if we are to preserve our energy independence. Given the problem of climate change, we must restrain fossil fuel growth.
Benefits Of Oil Independence
Consistency: We live in times when stability is valued, and enhancing our reliance on foreign fossil fuel supplies can lead to problems in India’s development. You don't have to worry about external circumstances disrupting the availability of power generation if you source your own energy.
Mindfulness: India’s energy needs can be met thanks to solar panels and sustainable sources. We are more conscious of the environment and can lower our carbon footprint by using non-renewable energy sources.
How To Combat Oil Dependence?
Electric vehicles (EVs) have significantly cheaper expenses since they are three times more efficient than gasoline or diesel cars and can run on electricity. With a huge drop in electricity costs around the planet, EVs can prevent India from depending on foreign countries for oil.
Public transport systems and trains are the most efficient and eco-friendly modes of travel. Electrification of vehicles holds the key to weaning the transportation industry away from the dependence on fossil oil, in addition to doubling down on rail and transit systems.
Alternative energy can help India truly become an independent republic. Solar or other renewable energy sources have a remarkably positive impact on economic growth. In committing to create 100 GW of solar power by 2022, the country is betting big on solar energy as its destiny.
Conclusion
We need to have that money spent here to improve our economic strength, especially in light of the faltering economy and high unemployment. Engaging in clean-energy tech innovation instead of transferring cash abroad for oil would enhance growth and increase jobs. Reducing oil supplies through hygienic reform would result in less revenue being shipped overseas for oil, less money staying in the country for projects, and less pollution from rising temperatures. Investing in a clean-energy industry is a clear way to restore economic security and bolster the global defence.
FAQs
Is India heavily dependent on imports or a major supplier of petroleum goods?
India is a major exporter of oil products because it has sufficient oil production. Certain crude oil (e.g., LPG, Lubes/LOBS, etc.) are imported primarily due to production deficiencies, petroleum refining shutdowns, commercial and technical aspects, and so on.
- What is elevated diesel (HSD)?
Super-fast diesel refers to any heavy oil in the C13-17 range (excluding mineral colza oil and tar substitute) acquired through the evaporation and cracking of crude oil that satisfies the criteria of the Bureau of Indian Standards specification No IS-1460 and, therefore, is suitable for use as fuel in compression ignition.
- What do the conditions Refinery Gate Cost and Refinery Transmission Price (RPG/RTP) mean?
This is the amount paid to domestic refineries by refiners for the purchase of finished oil products at the refinery door.
- Why is India reliant on other countries for fuel?
India is anticipated to experience considerable growth in the number of private, public, and commercial vehicles on the road by 2050. To keep up with this demand, India is exporting crude oil in large amounts.
- What's the difference between crude oil, petroleum, and petroleum products?
Crude oil is a hydrocarbon combination that occurs as a liquid in subsurface sedimentary basins and remains liquid when transported to the air. Petroleum products are created by refining the crude oil or other liquids in refineries, extracting hydrocarbons in power stations, and blending completed petroleum in the blending plants. Petroleum is a specific term that encompasses crude oil as well as crude oil products.
