Why Petrol Prices May Hit Rs. 35 per Litre In Next Five Years?

According to the latest reports, Petrol prices will go record low in the next five years due to increasing dependence on solar energy. This would definitely be a boost for the Indian economy.

Why Petrol Prices Would Not Surge?

Tony Seba, an entrepreneur in the Silicon Valley predicted that the price of petrol will go below $25 per barrel within the next five years due to the new technological dependence on solar energy. He said that most of future’s energy dependence will tend towards solar energy and the upcoming technology will help it in growing more.

Seba, who is a known American futurist, was confident that the next ten years belong to solar energy. He said that the new breed of cars will be run by solar energy which will reduce the consumption of petrol. Though there will be petrol cars in the market and people will still buy it but the majority will go for electric cars and that’s the future.

Future of Vehicle Industry

Seba further said that the electronic cars would be cheaper than the petrol ones. He said that 95% of the people won’t own a private vehicle by 2030 which may not be true in case of India as India is still a developing nation. This will definitely wipe out the automobile industry and will give a boost to public transportation system.

The rise of private own vehicles has certainly become a mess for traffic policing as large jams can be witnessed in populated cities of India. Union Minister of Energy, Piyush Goyal said that India is planning to have all electric car fleet by 2030. This would mean that by the next 15 years, there will be complete full stop on petrol-diesel run vehicles.

Impact on India and Arab Nations

India seems to be beneficiary of this decision as India purchases a huge amount of petroleum products or simply crude oil from Arab Countries. India produces significant amount of oil and that can be used for energy dependent industries and India will no longer be dependent on Arab countries. This has two plus points. One, India will save the money for enhancing its economy and invest in solar energy that will reduce pollution. Second, India will be more powerful in exercising its power on Islamic extremism on which India hasn’t done much due to reliance on Arab World.

This will also destroy the Arab world a.k.a. OPEC as most Arab nations rely on oil as their major source of economy. This will lead to a shrink in power of Saudi Arabia, which has used its oil money in exporting hardcore Islamic doctrine. This is certainly great news for India as the present government has already been heavily endorsing solar power.