India, the world's fourth-biggest oil consumer, witnessed the fastest oil demand growth globally in the first quarter of 2016, the International Energy Agency (IEA) said in its latest report. It added that India is replacing China as the driver of growth globally. As per IEA, domestic oil demand is set to rise to 550 mmtpa by 2040 from 165 mmtpa now.
Saudi Aramco is eager to enter the domestic fuel retail market, and is finding ways to help them,. Saudi Aramco, considered the world's most valuable company with an estimated trillion-dollar valuation as per the reserves it holds, is set for a public offer to help Saudi government tide over the huge financial trouble arising from falling oil prices.
Fuel marketing has turned profitable after government ended decades-old control over the retail prices of petrol and diesel. Following this, local private refiners like Reliance and Essar Oil have started opening their mothballed fuel stations and are adding new ones to expand business.
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