India’s energy demand to rise 5% with 7% GDP growth, says HPCL CMD Vikas Kaushal

Speaking at the 12th SBI Banking & Economics Conclave, Vikas Kaushal, Chairman and Managing Director of Hindustan Petroleum Corporation Ltd (HPCL), said there is sufficient crude oil availability globally, but the real challenge lies in efficiently matching supply with demand.“We are bringing in a lot of operational efficiency to tide over the current times,” Kaushal said, adding that HPCL’s recent quarterly results have been “blockbuster,” reflecting strong investor confidence.Kaushal noted that if the Indian economy grows at 7%, the energy sector is expected to expand by around 5%, underscoring a robust growth trajectory. He further highlighted that HPCL achieved a major milestone by crossing ₹1 lakh crore in market capitalization for the first time on October 30.Emphasising responsible sourcing, Kaushal said, “As a responsible corporate citizen, we strictly comply with all international sanctions. We do not pick up sanctioned cargoes and ensure full adherence to global trade laws.” He added that the oil market is highly diverse and organisations like HPCL have, over the years, worked to broaden their sourcing base. “This doesn’t happen overnight — our refineries can process about 180 different types of crude, and we know exactly what each can yield. This long-term capability helps us diversify and stay resilient.”Kaushal also mentioned that some US cargoes are now becoming more economical, thanks to larger shipping capacities and lower production costs, contributing to HPCL’s flexibility in crude sourcing.The conclave featured an esteemed panel of business leaders, including CS Setty, Chairman, SBI; Dipali Goenka, MD & CEO, Welspun Living; Praveer Sinha, MD & CEO, Tata Power; Upasana Taku, Co-founder & CFO, MobiKwik; Anish Shah, Group CEO & MD, Mahindra Group; and R Dinesh, Chairman, TVS Supply Chain Solutions.

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