India gathers around 759.59 million tonnes crude oil in its energy basket and is the fourth largest consumer of crude oil in the world after United States, China and Russia.
The two-wheeler sector in India contributes to 6% of GDP and consumes over 62% petrol according to the latest survey done by Sanjay Dutta of TNN. 2% of petrol is sold by people for earning purposes in remote villages and coastal areas. Around 27% of the fuel is sold for four wheelers, 6% for three-wheelers and 2% for other purposes as per the survey done by Nielsen for the oil ministry.
This survey has given a clear road map for the management of the domestic oil market. Increment of the oil import bill by 9.5% to 347, 432 crore leads to an estimate of 180, 000 crore increment in subsidy. To have a look on the demand growth, oil minister, M. Veerappa Moily is planning for a meeting soon concerning fuel consumption campaign.
According to a survey, utility vehicles consume 4% of the fuel. The total consumption of petrol is estimated to be 16 million tonnes. Population of coastal regions and remote villages sell petrol at a premium to fishing boats & bikes after buying it from retail outlets. Small generators are also run by them in tea gardens of West Bengal and Assam.
On the other hand, if we talk about diesel then its consumption is more predictable than petrol. Around 28.48% of diesel is consumed by SUVs, three-wheelers, utility vehicles and high-end cars as per the study conducted by Nielsen Pvt Ltd. 19% diesel is sold for agricultural purposes and 2 % for powering mobile towers, running back-up generators and construction equipment. Government subsidies in diesel are the reason for increasing sale of diesel cars. It accounts for around 9% along with sports utility vehicles. Though for commercial purpose, eastern region uses minimum diesel cars and SUV’s whereas south used maximum.
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#Savings are based on the comparison between highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB.
*TP price for less than 75 CC two-wheelers. All savings are provided by insurers as per IRDAI-approved insurance plan. Standard T&C apply.
*Rs 538/- per annum is the price for third party motor insurance for two wheelers of not more than 75cc (non-commercial and non-electric)
#Savings are based on the comparison between the highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB.
*₹ 1.5 is the Comprehensive premium for a 2015 TVS XL Super 70cc, MH02(Mumbai) RTO with an IDV of ₹5,895 and NCB at 50%.
*Rs 457/- per annum (1.3/day) is the price for the third-party motor insurance for private electric two-wheelers of not more than 3KW (non-commercial). Premium is payable on an annual basis