India's oil trade deficit has seen a notable increase in the last two fiscal years, despite a general decline in crude oil prices, according to the rating agency Crisil. This increase is attributed to the country’s oil import growth outpacing its petroleum exports, driven by rising domestic demand. While global oil demand is projected to plateau by 2029, India’s demand is anticipated to rise by 1 million barrels per day between 2024 and 2030, making it a key player in global oil consumption. This divergence in consumption patterns raises concerns that the oil trade deficit could exacerbate the overall trade deficit if the trend continues. In response to potential energy supply disruptions due to the ongoing conflict in West Asia, the Indian government has assured that there will be 100% availability of liquefied petroleum gas (LPG) for domestic consumers. The Ministry of Petroleum and Natural Gas reported that state-run oil marketing companies delivered over 47 lakh LPG cylinders against bookings of approximately 43 lakh as of April 29, 2023.