Petrol likely to cost only Rs 30 per litre in 5 years, India expected to save billions of dollars

The cost of petrol could come down to Rs 30 per litre within five years. The reason for such a drastic drop in prices is based on extensive research that shows emerging technology and renewable sources of energy taking over the market in a massive way.
The predictions were made as part of a study conducted by American futurist, Tony Seba along with Stanford University. He had famously predicted a massive increase in solar energy when the prices for the same were through the roof.
With the cost of solar energy being as low as Rs 3 per unit in India, his prediction largely came true. Seba’s latest research is based upon pure mathematics and economics. His study titled ‘Rethinking Transportation 2020-2030’, Seba puts forth the theory that after a peak demand of 100 million barrels in 2020, the global demand for petroleum will drop drastically. This would mean billions of dollars in savings for oil-importing countries like India.
The study states, “Oil demand will peak at 100 million barrels per day by 2020, dropping to 70 million barrels per day by 2030. That represents a drop of 30 million barrels in real terms and 40 million barrels below the Energy Information Administration’s current “business as usual” case. This will have a catastrophic effect on the oil industry through price collapse (an equilibrium cost of $25.4 per barrel), disproportionately impacting different companies, countries, oil fields and infrastructure depending on their exposure to high-cost oil.”
The study also believes that the declining oil demand and low prices will create political instabilities in parts of the world that are highly dependent on oil, leading to a shifting balance of power in world politics. One of the major reason for the demand will be the rise in the international usage of electric vehicles.
Seba has also stated that the choices made by countries right now could be transformational in the years to come. India’s Minister of State with Independent Charge for Power, Coal, New and Renewable Energy and Mines, Piyush Goyal has already stated that by 2030, India is expected to completely move away from fossil fuel-based vehicles and have an all-electric fleet of cars.