India’s petroleum products demand likely to see modest 3% growth in FY25: Report
However, the government has estimated a growth of 2.5% in the consumption of LPG, while demand for diesel is seen rising 3%.
The Union Cabinet on Wednesday approved a memorandum of understanding with the Royal Government of Bhutan on supply of petroleum, oil, lubricants (POL) and related products from India to Bhutan.
The agreement will benefit India and its citizens with improved economic and commercial linkages with Bhutan.
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The Memorandum of Understanding will promote bilateral trade in the hydrocarbon sector and ensure secured and long term supply of petroleum products to Bhutan.
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The Cabinet approved another MoU between India and Bhutan on extending cooperation in the field of Energy Efficiency and Energy Conservation Measures.
The MoU has been signed between the Bureau of Energy Efficiency, Ministry of Power and the Department of Energy, the Royal Government of Bhutan.
As part of this MoU, India aims to assist Bhutan to enhance energy efficiency in the household sector by promoting the stars labelling programme developed by India’s Bureau of Energy Efficiency.
The formulation of building codes to suit the climate condition of Bhutan, will be facilitated based with India’s experience. Creation of a pool of energy professionals at Bhutan is envisaged by institutionalizing training of energy auditors.
The training of retailers will help in dissemination of energy efficient products with consumer audience regarding savings from the star-rated appliances. India aims to support Bhutan in its endeavor to develop and implement the Standards and Labelling scheme.
Energy intensive appliances account for higher power consumption at household or commercial establishments. In view of the rapid growth in energy intensive consumer goods, the demand for electrical energy has been increasing every year.
The rising demand can be optimized, if the consumers prefer go for power efficiency appliances. BEE is spearheading the country’s Star-labelling program that now covers 37 appliances used in daily life.
The MoU was prepared by the Ministry of Power in consultation with Ministry of External Affairs (MEA) and Department for Promotion of industry and internal Trade (DPIIT).
In another approval, the Union Cabinet gave a go-ahead for the signing of an agreement between the Bhutan Food and Drug Authority (BFDA) and the Food Safety and Standards Authority of India (FSSAI) regarding cooperation in the areas of food safety.
The agreement will facilitate trade between two neighboring countries. BFDA will be able to issue Health Certificate as a proof of compliance with requirements prescribed by FSSAI, while exporting the products to India. This will promote Ease of Doing Business and cut compliance cost on both sides.
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