A major rethink of India’s long-term fuel needs

Strong response: A man charges an EV at a charging hub in Gurugram. The faster-than-anticipated EV industry growth means India’s petrol consumption will peak sooner than previously thought. — Reuters

THE rapid take-up of electric vehicles (EVs) in India’s fledgling market has prompted a major rethink about the country’s long-term fuel needs as refiners in Asia’s third-largest economy hasten their shift away from oil production.

India, one of the world’s fastest growing oil markets, has lagged major economic peers in Europe and Asia in the adoption of EVs but sales are now picking up and investment in the production of new autos and energy infrastructure is accelerating.