Do you remember the last time you paid Rs 30 for a litre of petrol? Well, that was 14 years go, July 2003 to be precise. Seems like petrol will go easy on pockets again. In coming five years, you could be paying as less than Rs 30 per litre for the fuel.
A futuristic technology will be decreasing the world's dependence on petrol so much that its prices will crash, predicts Tony Seba, an American futurist famous for predicting a boom in solar power when the prices used to be around ten times of what they are today, which came true eventually. Seba, a serial Silicon Valley entrepreneur, is also an instructor in Entrepreneurship, Disruption and Clean Energy at Stanford's Continuing Studies Program.
Global oil demand to go down
Regarding his prediction, Seba says that it is the rise of self-drive cars that would bring down the global demand for oil, reducing the price of oil to $25 a barrel. "Oil demand will peak 2021-2020 and will go down 100 million barrels, to 70 million barrels within 10 years. And what that means, the new equilibrium price is going to be $25," says Seba.
Affordable electric cars
Even though people would not stop using fuelled cars, they would start using self-drive electric vehicles more, which would be cheaper to buy as well as run.
India to go all-electric by 2030
Recently, Union power minister Piyush Goyal had also said that India was looking to have all-electric car fleet by 2030, meaning that not a single petrol or diesel car would be sold in the country after 15 years.