Indian refiners are expanding capacity as the country's growing economy and population drive demand for transportation fuels and plastics and as it seeks to cement its position as a regional refining hub. Despite some slowdown in GDP growth in the current fiscal year, oil demand growth in the world's third-largest oil consumer and fourth-largest oil refiner is set to overtake China by mid-2020s, the International Energy Agency (IEA) said in a report released Jan. 10. The Paris-based agency forecasts India's oil demand will continue to rise as a growing, richer population seeks to drive cars and trucks, use planes and consume more plastics. By way of comparison, China's per capita petroleum consumption is almost three times India's 175 liters per year at 476 1/yr, while the average global average stands at 756 1/yr, according to Mumbai-based Equirus Securities.
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