India’s oil minister urges traders to focus on India’s growing demand as it moves toward becoming the world’s third-largest economy. Despite China’s dominance, India’s post-pandemic growth and infrastructure push are driving commodity needs.
Puri expects a global gas surplus to lower prices, boosting India’s demand and raising gas’s share in energy. At India Energy Week, firms struck LNG deals as Modi visited the US for more talks.
Exxon sees massive long-term growth in India’s gas market.Vitol’s CEO contrasts India’s growth with Europe’s decline. Puri says a tax reform nearing consensus could boost gas demand. India’s multiple state taxes on gas raise costs, with LNG facing up to 40% in levies.
Reaching state consensus on unified gas taxation has been challenging, but Puri expects a shift soon.”The states that resisted are now saying, ‘We’re ready,'” he said. “It’s just a matter of time.”
