Contents

INTRODUCTION...........................................................................................................................................2
Petroleum resources...............................................................................................................................5
World reserves........................................................................................................................................6
IMPACT OF OIL PRICES ON THE INDIAN ECONOMY.....................................................................................8
MAJOR PRODUCTS OF OIL REFINERIES........................................................................................................9
Asphalt.....................................................................................................................................................9
Diesel fuel..............................................................................................................................................10
Fuel oil...................................................................................................................................................11
Gasoline.................................................................................................................................................12
Kerosene................................................................................................................................................13
Liquefied petroleum gas........................................................................................................................13
Lubricant................................................................................................................................................14
Petrochemicals......................................................................................................................................16
OIL INTENSITY ACROSS COUNTRIES...........................................................................................................16
INDIAN CRUDE OIL REFINERY COMPANIES................................................................................................17
Indian Oil Corporation limited (IOCL)....................................................................................................17
Hindustan Petroleum Corporation limited (HPCL).................................................................................17
Bharat Petroleum Corporation limited (BPCL).......................................................................................19
Oil and Natural Gas Corporation limited (ONGC)..................................................................................20
Reliance petroleum limited (RIL)...........................................................................................................20
Essar group............................................................................................................................................21
Indo-burma Petroleum Company limited (IBPCL)..................................................................................21
STASTICAL ANALYSIS..................................................................................................................................22
Consumption of Petrol...........................................................................................................................22
Consumption of Diesel..........................................................................................................................22
...........................................................................................................................................................24
Prices of crude oil..................................................................................................................................24
MEAN........................................................................................................................................................36
TREND ANALYSIS.......................................................................................................................................37

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CONCLUSION.............................................................................................................................................41
REFERENCES..............................................................................................................................................41

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INTRODUCTION
Crude oil is a naturally occurring, flammable liquid, unrefined, mineral liquid composed
principally of hydrocarbon, which accumulates in reservoirs beneath the Earth's surface and is
used as a source of energy.

Petroleum products are useful materials derived from crude oil (petroleum) as it is
processed in oil refineries

According to crude oil composition and demand, refineries can produce different shares
of petroleum products. Largest share of oil products is used as energy carriers: various grades
of fuel oil and gasoline. Refineries also produce other chemicals, some of which are used
in chemical processes to produce plastics and other useful materials. Since petroleum often
contains a couple of percent sulfur, large quantities of sulfur are also often produced as a
petroleum product. Hydrogen and carbon in the form of petroleum coke may also be produced as
petroleum products. The hydrogen produced is often used as an intermediate product for other oil
refinery processes such as hydrogen catalytic cracking (hydrocracking) and hydro desulfurization

A suitable place is found for drilling Depending on different depths (assuming its
offshore) the correct rig is dispatched. The rig is set up and a drill pipe is sent down (depending
on type of rock) then drilling fluid is sent down to the drill bit. Oil and gas is collected.

Crude oil in its natural form is useless to man so as soon as it is collected it is transported
to refineries by pipelines. Once crude oil reaches the refinery it goes through various processes to
become many different things. The first process is called distillation; this is where the crude oil is
separated for the first time. What happens is the crude oil is heated in turbine furnaces up to 380
degrees Celsius and this actually vaporizes the oil. It is then put into a distillation tower, also
called a fractioning tower.

A fractioning tower is a very tall tower, which has many different levels of condensers.
The condensers are set to catch the oil vapour as it rises up the tower. They are set with coolest
temperature at the top (40 C) and highest temperature at the bottom (370 C).

The condensers then catch the vapour and turn it back into a liquid but in a much purer
state then it was in originally. The oil with the lowest boiling point is petroleum; it contains

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hydrocarbons of 1-4 carbon atoms. The petroleum is pumped out of the tower and turned into
liquefied petroleum gas (lpg), also known as propane. It is a gas that has many uses, it is most
commonly used to fuel heaters and gas stoves. The next fraction out of the tower is gasoline,
which contains hydrocarbons of 5-12 carbon atoms. This gasoline is not quite ready to go in your
car yet. So, the refinery pumps it across a catalyst to increase its octane rating and then adds
many chemicals to it so it will perform well in a car’s engine.

After gasoline is Kerosene consisting of 12-16 hydrocarbons. Kerosene has a few

different uses, it is probably best known as lamp and diesel fuel. But what you might not know is
that kerosene is also used to make gasoline, how they use it for gasoline will be explained later.
The oil that has a lower boiling point than kerosene is gas oil; it contains hydrocarbons of 15-18
carbon atoms. Gas oil is used as heating oil for industries and it is also used to make gasoline.
The next to last oil out of the tower is lubricating oil stock which has the highest boiling point of
all the liquids mentioned above. It contains hydrocarbons of 16-20 carbon atoms. This is used for
lubricating oil in vehicles. The last liquid left at the very bottom of the tower is residue it
contains hydrocarbons of more than 20 carbon atoms. It is used to make asphalt and gasoline.

Now as mentioned above refineries take kerosene and gas oil and turn them into gasoline.
There are a few different methods, the most widely used is called cracking, because it uses heat
and pressure to “crack” the hydrocarbon molecules. Fluid catalytic cracking is the basic process
for making gasoline. First the oil is heated up to 1000 degrees Celsius. Then under low pressure
with a catalyst it converts heavy hydrocarbon molecules into smaller ones, which can be used for
gasoline.

Another popular method is hydro cracking which uses a similar processes as fluid
catalytic cracking. The difference between them is that hydrocracking uses lower heat and much
greater pressure. As for the residue that is not turned into asphalt, it is placed in a Coker. In the
Coker the refinery uses heat and moderate pressure to breakdown the hydrocarbons into gasoline
and a coal like substance used as an industrial fuel.

The last thing that a refinery does is take the oil left over from cracking and turns it into a
usable fuel. This method is called Alkylation. The main purpose of this is to get a high-octane
fuel such as airplane fuel. Petroleum in its natural form has many limited applications.

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Thankfully, it can be refined in the way that was explained above and have many more useful
products. Petrochemicals derived from petroleum became the source of such chemical products
as solvents, paints, plastics, synthetic fibres, soaps and cleansing agents, waxes and jellies,
explosives, and fertilizer’s. Fuels derived from petroleum power the engines of automobiles,
airplanes, ships, tractors, trucks and rockets.

Petroleum fuels generate a large portion of the world’s electrical-power supply. Asphalt
from petroleum is used to surface roads and high ways. It is also used as a lubricant in a great
variety of machines. Some of the products of the crude oil are sold to other refineries that make
things such as ammonia, crayons, life preservers, mascara, and yes-even bubble gum can be
made from crude oil.

Petroleum resources
Petroleum resources are distributed widely in the earth’s crust as gases, liquids, and
solids. The products derived from these naturally occurring resources are used principally as
energy sources, although substantial volumes serve as feed stocks in the chemical, plastics, and
other industries (see Feedstock). Petroleum resources are found as natural gas, as a variety of
liquids that are usually classified as normal or heavy crude oils, and as semisolid and solid
substances such as asphalt (qv), tar, pitch, Gilsonite, and many others. The petroleum resources
considered here are those liquid crude oils that can be produced through a conventional wellbore
by current primary, secondary, or tertiary (enhanced recovery) production techniques and those
unconventional crude oils that may be captured and converted into conventional sources of crude
petroleum by advancing production technologies.
No method has been devised to estimate with complete accuracy the amount of crude
petroleum that ultimately will be produced from the world’s conventional oil and gas fields.
Degrees of uncertainty, therefore, should be attached to all such estimates. These uncertainties
can be expressed in several ways, the most important of which is achieved by dividing a resource
into various categories. Several petroleum resources classifications have been proposed, and a
comprehensive discussion of them (1), as well as the definition used in the assessment of the
undiscovered resources of the United States (2), have been provided. Seven commonly used
categories of resources are given here.

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 Resources represent the total amount (including reserves) of petroleum that exists in a
form and amount such that economic extraction is currently or potentially feasible.
Reserves constitute the petroleum that has been discovered and can be produced at the
prices and with the technology that exist when the estimate is made.
Proved reserves are estimates of petroleum reserves contained primarily in the drilled
portion of fields.
Indicated reserves constitute known petroleum that is currently producible but cannot be
estimated accurately enough to qualify as proved.
Inferred reserves are producible, but the assumption of their presence is based on limited
physical evidence and considerable geologic extrapolation. This place those on the borderline of
being considered undiscovered, and the accuracy of the estimate is very poor.
Sub economic resources constitute the petroleum in the ground that cannot be produced
at present prices and technology but may become producible at some future date at higher prices
or by improved technology.
Undiscovered resources are estimated totally by geological reasoning; no evidence
through drilling is available.
To various degrees, the conventional petroleum resources in many parts of the world
have been classified according to such a system. In certain regions, only estimates of proved
reserves are made routinely, whereas in the United States, Canada, and certain other regions,
estimates are made of volumes of petroleum in each of these categories. In the United States and
Canada, estimates for several of these categories (in particular, proved reserves) are made each
year by governmental agencies.

World reserves
Most of the large volume of crude petroleum consumed in the world is extracted from
only a small fraction of the total number of oil fields discovered. The concentration of crude
petroleum in a few large fields is a consequence of the interaction of the geologic processes that
create and trap petroleum. Even though commercial quantities of petroleum have been
discovered in many localities around the world, there are enormous volume differences in fields
present in a single region and in the total volume of petroleum present in different regions.

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 By far the largest known concentrations of conventional petroleum reserves are in the
Middle East, particularly in Saudi Arabia, the United Arab Emirates, and Kuwait. The largest
concentration of reserves is in the Burgan field in Kuwait, which contains about 68% of that
country’s reserves. The second largest concentration of reserves is in the Ghawar field in Saudi
Arabia, which is about 18% of that country’s reserves. In some regions, a large portion of the
reserves may not be contained in the largest field. However, the largest field usually contains
more than 10% of the total reserves of a region. More than 20,000 petroleum fields have been
discovered worldwide, and more than half of the world’s proved reserves of petroleum are
contained in only the 51 largest fields.
The world’s reserves of conventional petroleum have increased from this growth of in 13
years did not take place uniformly from region to region nor from year to year. Most of this
increase took place during two years, 1987 and 1989. These increases are the result of recording
of additional reserves in known fields as well as some new field discoveries, principally in the
Middle East.

Oil refineries will blend various feed stocks, mix appropriate additives, provide short term
storage, and prepare for bulk loading to trucks, barges, product ships, and railcars.

 Gaseous fuels such as propane stored and shipped in liquid form under pressure in
specialized railcars to distributors.
 Liquid fuels blending (producing automotive and aviation grades of gasoline, kerosene,
various aviation turbine fuels, and diesel fuels, adding dyes, detergents, antiknock additives,
oxygenates, and anti-fungal compounds as required). Shipped by barge, rail, and tanker ship.
May be shipped regionally in dedicated pipelines to point consumers, particularly aviation jet
fuel to major airports, or piped to distributors in multi-product pipelines using product
separators called pipeline inspection gauges ("pigs").
 Lubricants (produces light machine oils, motor oils, and greases,
adding viscosity stabilizers as required), usually shipped in bulk to an offsite packaging
plant.
 Wax (paraffin), used in the packaging of frozen foods, among others. May be shipped in
bulk to a site to prepare as packaged blocks.

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 Sulfur (or sulfuric acid), byproducts of sulfur removal from petroleum which may have
up to a couple percent sulfur as organic sulfur-containing compounds. Sulfur and sulfuric
acid are useful industrial materials. Sulfuric acid is usually prepared and shipped as the acid
precursor.
 Bulk tar shipping for offsite unit packaging for use in tar-and-gravel roofing or similar
uses.
 Asphalt - used as a binder for gravel to form asphalt concrete, which is used for paving
roads, lots, etc. An asphalt unit prepares bulk asphalt for shipment.
 Petroleum coke, used in specialty carbon products such as certain types of electrodes, or
as solid fuel.
 Petrochemicals or petrochemical feedstock, which is often sent to petrochemical plants
for further processing in a variety of ways. The petrochemicals may be olefins or their
precursors, or various types of aromatic petrochemicals.
Petrochemicals have a vast variety of uses. They are commonly used as monomers or feed stocks
for monomer production. Olefins such as alpha-olefins and dienes are often used as monomers,
although aromatics can also be used as monomer precursors. The monomers are
then polymerized in various ways to form polymers. Polymer materials can be used
as plastics, elastomers, or fibers, or possibly some intermediate form of these material types.
Some polymers are also used as gels or lubricants. Petrochemicals can also be used as solvents or
as feedstock for producing solvents. Petrochemicals can also be used as precursors for a wide
variety of chemicals and substances such as vehicle fluids, surfactants for cleaners, etc.

IMPACT OF OIL PRICES ON THE INDIAN ECONOMY

Historically the Indian economy has been shielded against any sharp spike in oil prices.
The Administered Price Mechanism in the oil sector ensured that the impact of any sharp
increase in international oil prices were dissipated by spreading over the price increase through
smaller incremental hikes spread over a period of time. The oil pool account even then ran
substantial deficits, which was partially recharged when the international oil prices went into a
trough phase.

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 Thus the Indian economy was generally protected against sharp spurt in oil prices Often
the Administered price mechanism has been dismantled in 2002 the retail prices of oil products
continues to be regulated by the government.
Increase in oil price also impacts on agriculture sector mainly through transport costs and
through impact on prices of inputs like fertilizers. In the case of manufacturing the higher fuel
prices and transportation costs raise cost of production and product prices, which impacts
negatively on demand conditions. High oil prices also increase the cost of services especially in
areas like tourism, community and personal services. Our analysis of the impact of oil price
increase on the Indian economy revealed that that among the different sectors of the economy the
only sector that had a strong negative relationship with oil prices was the manufacturing sector.
However, though the manufacturing sector is the most susceptible to oil prices increases, a
lagged impact spread over four years, allows the manufacturing sector to escape the full brunt of
oil price hikes, as a sustained increase in oil prices over two to three years is very unusual.

MAJOR PRODUCTS OF OIL REFINERIES

 Asphalt
 Diesel fuel
 Fuel oil 
 Gasoline or petrol
 Kerosene
 Liquefied petroleum gas
 Lubricant
 Petrochemicals

Asphalt
Asphalt is a sticky, black and highly viscous liquid or semi-solid that is present in most
crude petroleum and in some natural deposits sometimes termed asphaltum. It is most commonly
modeled as a colloid, with asphaltenes as the dispersed phase and maltenes as the continuous
phase (though there is some disagreement amongst chemists regarding its structure).

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 One writer states that although a "considerable amount of work has been done on the
composition of asphalt, it is exceedingly difficult to separate individual hydrocarbon in pure
form", and "it is almost impossible to separate and identify all the different molecules of asphalt,
because the number of molecules with different chemical structure is extremely large".

The largest use of asphalt is for making asphalt concrete for road surfaces and accounts
for approximately 85% of the asphalt consumed in the United States. Asphalt pavement material
is commonly composed of 5 percent asphalt cement and 95 percent aggregates.

Due to its highly viscous nature, asphalt cement must be heated so that it can be mixed
with the aggregates at the asphalt mixing plant. 80% of the asphalt removed each year from road
surfaces during widening and resurfacing projects is reused as part of new roads, roadbeds,
shoulders and embankments. Roofing shingles account for most of the remaining asphalt
consumption. Other uses include cattle sprays, fence post treatments, and waterproofing for
fabrics.

Asphalt is widely used in airports around the world. Due to the sturdiness, it is widely
used for runways dedicated to aircraft landing and taking off. Usually around 7–10% of the
whole aggregate mix, as opposed to rolled asphalt, which has only around 5% added bitumen.
This thermoplastic substance is widely used in the building industry for waterproofing flat roofs
and tanking underground. Mastic asphalt is heated to a temperature of 210 °C (410 °F) and is
spread in layers to form an impervious barrier about 20 millimeters (0.8 in) thick.

Diesel fuel
Diesel fuel in general is any liquid fuel used in diesel engines and it is also High Spirit
Diesel (HSD). The most common is a specific fractional distillate of petroleum fuel oil, but
alternatives that are not derived from petroleum, such as biodiesel, biomass to liquid (BTL)
or gas to liquid (GTL) diesel, are increasingly being developed and adopted. To distinguish these
types, petroleum-derived diesel is increasingly called petro diesel.

Petroleum diesel, also called petro diesel, or fossil diesel is produced from the fractional
distillation of crude oil between 200 °C (392 °F) and 350 °C (662 °F) at atmospheric pressure,

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resulting in a mixture of carbon chains that typically contain between 8 and
21 carbon atoms per molecule

Petroleum-derived diesel is composed of about 75% saturated hydro carbons (primarily

paraffin including n, iso and cycloparaffins) and 25% aromatic hydrocarbons (including
naphthalene and alkylbenzens). The average chemical formula for common diesel fuel is C 12H23,
ranging approximately from C10H20 to C15H28.

Fuel oil
Fuel oil is a fraction obtained from petroleum distillation, either as a distillate or a
residue. Broadly speaking, fuel oil is any liquid petroleum product that is burned in
a furnace or boiler for the generation of heat or used in an engine for the generation of power,
except oils having a flash point of approximately 40 °C (104 °F) and oils burned in cotton or
wool-wick burners. In this sense, diesel is a type of fuel oil. Fuel oil is made of long
hydrocarbon chains, particularly alkanes, cycloalkanes and aromatics. The term fuel oil is also
used in a stricter sense to refer only to the heaviest commercial fuel that can be obtained
from crude oil, heavier than gasoline and naphtha.

Fuel oil is classified into six classes, numbered 1 through 6, according to its boiling point,
composition and purpose. The boiling point, ranging from 175 to 600 °C, and carbon
chain length, 9 to 70 atoms, of the fuel increases with fuel oil number. Viscosity also increases
with number, and the heaviest oil has to be heated to get it to flow. Price usually decreases as the
fuel number increases.

Fuel oil is variously referred to as distillate fuel oils, diesel fuel oils, light fuel
oils, gasoil or just distillate. Distillate fuel oils are distilled from crude oil.

Gas oil refers to the process of distillation. The oil is heated, becomes a gas and then
condenses. Kerosene and is the fraction that boils off right after gasoline. The diesel fuel that
trucks and some cars run on, leading to the name "road diesel". It is the same thing as heating oil.
Distillate fuel oil and is rarely used. Residual fuel oils (RFO) or heavy fuel oils. What remains of
the crude oil after gasoline and the distillate fuel oils are extracted through distillation Fuel oil
is a mixture of 75-80 % and 25-20%.

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 Residual fuel oils are sometimes called light when they have been mixed with distillate
fuel oil, while distillate fuel oils are called heavy when they have been mixed with residual fuel
oil. Heavy gas oil, for example, is a distillate that contains residual fuel oil. The ready
availability of grades of fuel oil is often due to the success of catalytic cracking of fuel to release
more valuable fractions and leave heavy residue.

Gasoline 
Gasoline or petrol and also as Motor Spirit (MS) is a petroleum-derived liquid mixture
which is primarily used as a fuel in internal combustion engines. It is also used as a solvent,
mainly known for its ability to dilute paints. It consists mostly of alphatic hydrocarbons obtained
by the fractional distillation of petroleum enhanced with iso-octane or
the aromatic hydrocarbons toluene and benzene to increase its octane rating. Small quantities of
various additives are common, for purposes such as tuning engine performance or reducing
harmful exhaust emissions. Some mixtures also contain significant quantities of ethanol as a
partial alternative fuel.

Gasoline is produced in oil refineries. Material that is separated from crude

oil via distillation, called virgin or straight-run gasoline, does not meet the required
specifications for modern engines but will form part of the blend. The bulk of a typical gasoline
consists of hydrocarbons with between 4 and 12 carbon atoms per molecule (Commonly referred
to as C4-C12).

Many of the hydrocarbons are considered hazardous substances and are regulated in the
United States by the Occupational Safety and Health Administration. The material safety data
sheet for unleaded gasoline shows at least fifteen hazardous chemicals occurring in various
amounts, including benzene (up to 5% by volume),toluene (up to 35% by
volume), naphthalene (up to 1% by volume), trimethylbenzene (up to 7% by volume),
Methyl tert-butyl ether (MTBE) (up to 18% by volume, in some states) and about ten others

Gasoline was also used in kitchen ranges and for lighting, and is still available in a
purified form, known as camping fuel, white gas or Coleman fuel, for use in lanterns and
portable stoves.

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Kerosene
Kerosene is sometimes spelled kerosene in scientific and industrial usage, also known as
paraffin in UK and South Africa, is a combustible hydrocarbon liquid. The word Kerosene was
registered as a trademark by Abraham Gesner in 1854 and for several years only the North
American Gas Light Company and the Downer Company (to which Gesner had granted the
right) were allowed to call their lamp oil kerosene

Kerosene is widely used to power jet-engine aircraft (jet fuel) and some rockets, but is

also commonly used as a heating fuel and for fire toys such as poi. In parts of Asia, where the
price of kerosene is subsidized, it fuels outboard motors rigged on small fishing craft.

Kerosene is a thin, clear liquid formed from hydrocarbons, with density of 0.78–0.81

g/cm3. It is obtained from the fractional distillation of petroleum between 150 °C and 275 °C,
resulting in a mixture of carbon chains that typically contain between 6 and
16 carbon atoms per molecule.

The flash point of kerosene is between 37 and 65 °C (100 and 150 °F) and its auto
ignition temperature is 220 °C (428 °F). The heat of combustion of kerosene is similar to that
of diesel: its lower heating value is around 18,500 Btu/lb, or 43.1 MJ/kg, and its higher heating
values 46.2 MJ/kg. Kerosene is immiscible in water (cold or hot), but miscible in petroleum
solvents.

Liquefied petroleum gas

Liquefied petroleum gas (also called LPG, GPL, LP Gas, or auto gas) is
a flammable mixture of hydrocarbon gases used as a fuel in heating appliances and vehicles. It is
increasingly used as an aerosol propellant and a refrigerant, replacing chlorofluorocarbons in an
effort to reduce damage to the ozone layer.

Varieties of LPG bought and sold include mixes that are primarily propane, mixes that
are primarily butane, and most common mixes including both propane C3H8 and butane C4H10,
depending on the season in winter more propane, in summer more butane. Propylene and
butylene are usually also present in small concentration. A powerful odorant, ethanethiol, is
added so that leaks can be detected easily. The international standard is EN 589.

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 LPG is a low-carbon-emitting hydrocarbon fuel available in rural areas, emitting 81% of
the CO2 per produced by oil, 70% of that of coal, and less than 50% of that emitted by coal-
generated electricity distributed via the grid.

LPG is synthesized by refining petroleum or "wet" natural gas, and is usually derived

from fossil fuel sources, being manufactured during the refining of crude oil, or extracted from
oil or gas streams as they emerge from the ground. It was first produced in 1910 by Dr. Walter
Snelling, and the first commercial products appeared in 1912. It currently provides about 3% of
the energy consumed, and burns cleanly with no soot and very few sulfur emissions, posing no
ground or water pollution hazards. LPG has a typical specific calorific value of 46.1 MJ/kg
compared with 42.5 MJ/kg for fuel-oil and 43.5 MJ/kg for premium grade petrol
(gasoline). However, its energy density per volume unit of 26 kJ/l is lower than either that of
petrol or fuel-oil.

LPG will evaporate at normal temperatures and pressures and is supplied in

pressurized steel cylinders. They are typically filled to between 80% and 85% of their capacity to
allow for thermal expansion of the contained liquid. The ratio between the volumes of the
vaporized gas and the liquefied gas varies depending on composition, pressure, and temperature,
but is typically around 250:1. The pressure at which LPG becomes liquid, called its vapour
pressure, likewise varies depending on composition and temperature; for example, it is
approximately 220 kilopascals (2.2 bar) for pure butane at 20 °C (68 °F), and approximately
2.2 megapascals (22 bar) for pure propane at 55 °C (131 °F). LPG is heavier than air, and thus
will flow along floors and tend to settle in low spots, such as basements. This can cause ignition
or suffocation hazards if not dealt with.

Lubricant 
A lubricant (sometimes referred to as "lube") is a substance (often a liquid) introduced
between two moving surfaces to reduce the friction between them, improving efficiency and
reducing wear. It may also have the function of dissolving or transporting foreign particles and of
distributing heat. A lubricant's ability to lubricate moving parts and reduce friction is the
property known as lubricity.

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 One of the single largest applications for lubricants, in the form of motor oil, is protecting
the internal combustion engines in motor vehicles and powered equipment.

Typically lubricants contain 90% base oil (most often petroleum fractions, called mineral

oils) and less than 10% additives. Vegetable oils or synthetic liquids such as
hydrogenated polyolefin, esters, silicones, fluorocarbons and many others are sometimes used as
base oils. Additives deliver reduced friction and wear, increased viscosity, improved viscosity
index, resistance to corrosion and oxidation, aging or contamination, etc.

Lubricants such as 2-cycle oil are added to fuels like gasoline which has low
lubricity. Sulfur impurities in fuels also provide some lubrication properties, which has to be
taken in account when switching to a low-sulfur diesel; biodiesel is a popular diesel fuel additive
providing additional lubricity.

Non-liquid lubricants include grease, powders, Teflon tape used in plumbing, air cushion
and others. Dry lubricants such as graphite, molybdenum disulfide and tungsten disulfide also
offer lubrication at temperatures (up to 350 °C) higher than liquid and oil-based lubricants are
able to operate. Limited interest has been shown in low friction properties of compacted oxide
glaze layers formed at several hundred degrees Celsius in metallic sliding systems, however,
practical use is still many years away due to their physically unstable nature. Another approach
to reducing friction and wear is to use bearings such as ball bearings, roller bearings or air
bearings, which in turn require internal lubrication themselves, or to use sound, in the case
of acoustic lubrication.

In addition to industrial applications, lubricants are used for many other purposes. Other
uses include cooking (oils and fats in use in frying pans, in baking to prevent food sticking), bio-
medical applications on humans (e.g. lubricants for artificial joints), ultrasound examination,
internal examinations for males and females, and the use of personal lubricant for sexual
purposes.

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Petrochemicals
Petrochemicals are chemical products derived from petroleum. Some chemical
compounds made from petroleum are also obtained from other fossil fuels such as coal or natural
gas, or renewable sources such as corn or sugar cane

Primary petrochemicals are divided into three groups depending on their chemical structure:

 Olefins include ethylene, propylene, and butadiene. Ethylene and propylene are important

sources of industrial chemicals and plastics products. Butadiene is used in making synthetic
rubber.
 Aromatics include benzene, toluene, and xylenes. Benzene is a raw material for dyes and
synthetic detergents, and benzene and toluene for isocyanates MDI and TDI used in
making polyurethanes. Manufacturers use xylenes to produce plastics and synthetic fibers.
 Synthesis gas is mixture of carbon monoxide and hydrogen used to make
ammonia and methanol. Ammonia is used to make the fertilizer urea and methanol is used as
a solvent and chemical intermediate.

OIL INTENSITY ACROSS COUNTRIES

Oil intensity, or use of oil per unit of output, has reduced by half over the last 30 years in
the developed countries and by about one third in the developing countries. When national
output is measured at market exchange rates the developing countries are seen to be less oil
efficient than the developed countries. For instance oil intensity in India and China was almost
four times that of the United Kingdom and almost double that of USA. However, when the
national outputs are adjusted for differentials in national price levels the differences in oil
intensity between developed and developing countries become very negligible. The ranking of
oil intensity across countries also gets substantially changed.
Our estimates for 2003 show that oil intensity adjusted for price differential in output in
India was the same as that in China and less than half of that in United States. Similarly in the
developed countries the oil intensity in real terms was the lowest in United Kingdom, followed
by Germany and France. Among developing countries the lowest oil intensity in real terms was

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in India and China followed by Brazil and Nigeria. The countries with the highest oil intensity in
real terms would include Canada, United States, Indonesia, South Korea and Thailand.

INDIAN CRUDE OIL REFINERY COMPANIES

 INDIAN OIL CORPORATION LIMITED (IOCL)

 HINDUSTAN PETROLEUM CORPORATION LIMITED (HPCL)
 BHARAT PETROLEUM CORPORATION LIMITED (BPCL)
 OIL AND NATURAL GAS CORPORATION LIMITED (ONGC)
 RELIANCE PETROLEUM LIMITED
 ESSAR GROUP
 INDO-BURMA PETROLEUM COMPANY LIMITED (IBPCL) (now merged with
IOCL)

Indian Oil Corporation limited (IOCL)

Indian Oil began operation in 1959 as Indian Oil Company Ltd. The Indian Oil
Corporation was formed in 1964, with the merger of Indian Refineries Ltd. Indian Oil’s product
range covers petrol, diesel, LPG, auto LPG, aviation turbine fuel, lubricants, naphtha,
bitumen, paraffin, kerosene etc. Xtra Premium petrol, Xtra Mile diesel, Servo lubricants, Indane
LPG, Auto gas LPG, Indian Oil Aviation are some of its prominent brands. Indian Oil
Corporation limited (IOCL) is an Indian state-owned oil and gas company. It is India’s largest
commercial enterprise, ranking 105th on the Fortune Global 500 list in 2009. Indian Oil and its
subsidiaries account for a 47% share in the petroleum products market, 40% share in refining
capacity and 67% downstream sector pipelines capacity in India. The Indian Oil Group of
Companies owns and operates 10 of India's 19 refineries with a combined refining capacity of
60.2 million metric tons per year.

Hindustan Petroleum Corporation limited (HPCL)

Hindustan Petroleum Corporation Limited (HPCL), a state-owned oil company of
the Government of India located at Mumbai, India and is a Fortune 500 company of India listed
at number 311 in the global 500 rankings, with an annual turnover of over Rs. 1, 16,428 Crores

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and sales/income from operations of Rs 1, 31,802 Crores (US$ 25,618 Millions) during financial
year 2008-09, about 20% Marketing share in India and a strong market infrastructure.
Corresponding figures for financial year 2007-08 are: Turnover- Rs 1, 03,837 Crores, and
sales/income from Operations- Rs. 1, 12,098 Crores (US$ 25,142 Million).

HPCL operates 2 major refineries producing a wide variety of petroleum fuels &

specialties, one in Mumbai (West Coast) of 6.5 Million Metric Tonnes Per Annum (MMTPA)
capacity and the other in Vishakhapatnam, (East Coast) with a capacity of 8.3 MMTPA. HPCL
holds an equity stake of 16.95% in Mangalore Refinery & Petrochemicals Limited (MRPL), a
state-of-the-art refinery at Mangalore with a capacity of 9 MMTPA. Another Refinery of 9
MMTPA is under construction in Bathinda, Punjab by HMEL, a Joint Venture with Mittal
Energy Investments Pte. Ltd.

HPCL also owns and operates the largest Lube Refinery in India producing Lube Base
Oils of international standards. With a capacity of 335 TMT. This Lube Refinery accounts for
over 40% of the India's total Lube Base Oil production. Presently HPCL produces over 300+
grades of Lubes, Specialties and Greases.

The marketing network of HPCL consists of 13 Zonal offices in major cities and 101
Regional offices facilitated by a Supply & Distribution infrastructure comprising Terminals,
Aviation Service Facilities, LPG Bottling Plants, Lube filling plants, Inland Relay Depots, Retail
Outlets (Petrol Pumps) and LPG & Lube Distributorships.

HPCL has, over the years, moved from strength to strength on all fronts. The refining
capacity steadily increased from 5.5 million metric tonnes in 1984/85 to 13.00 million metric
tonnes (MMT) now. On the financial front, the turnover grew from Rs. 2687 crores in 1984-85 to
Rs 1, 31,802 Corers in Financial year 2008-09.

Petrol Known as Motor Spirit (MS) in Oil Industry. HPCL markets the product through
its retail pumps spread all over India. Its principle consumers are regular personal vehicle
owners.

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 Diesel Known as High Spirit Diesel (HSD) in Oil Industry. HPCL markets the products
through its retail pumps as well as terminals and depots. Its consumers are not only regular auto
owners but also transport agencies, industries etc.

Lubricants HPCL are the market leader in lubricant and associated products. It

commands over 30% of market share in this sector. The popular brands of HP lubes are Laal
Ghoda, Milcy, Thanda Raja, Koolgard etc.

LPG A popular brand in mainly urban areas. Aviation Turbine Fuel With major ASF (Air
Service Facility) present in all major airports of India, HPCL is a key player in this sector
supplying ATF to major airlines. It has an accomplishment of sorts to supply fuel to US Air
Force 1. Bitumen, Furnace Oil.

Bharat Petroleum Corporation limited (BPCL)

The 1860s saw vast industrial development. A lot of petroleum refineries came up. An
important player in the South Asian market then was the burmah oil company Ltd. Though
incorporated in Scotland in 1886, the company grew out of the enterprises of the Rangoon Oil
Company, which had been formed in 1871 to refine crude oil produced from primitive hand dug
wells in Upper Burma. The search for oil in India began in 1886, when Mr. Goodenough of
McKillop Stewart Company drilled a well near Jaypore in upper Assam and struck oil. In 1889,
the Assam Railway and Trading Company (ARTC) struck oil at Digboi marking the beginning of
oil production in India.

Bharat Petroleum Corporation Limited (BPCL) is one of the largest state-

owned oil and gas company in India, with Fortune Global 500 rank of 287 (2008). Its corporate
office is located at Ballard Estate, Mumbai. As the name suggests, its interests are in downstream
petroleum sector. It is involved in the refining and retailing of petroleum products.

Bharat Petroleum is considered to be a pioneer in Indian petroleum industry with various

path-breaking initiatives such as Pure for Sure campaign, Petro card, Fleet card etc.

BPCL's growth post-nationalization (in 1976) has been phenomenal. One of the single
digit Indian representatives in the Fortune 500 & Forbes 2000 listings, BPCL is often referred to

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as an “MNC in PSU garb”. It is considered a pioneer in marketing initiatives, and employs “Best
in Class” practices.

Bharat Petroleum produces a diverse range of products, from petrochemicals and solvents
to aircraft fuel and specialist lubricants and markets them through its wide network of Petrol
Stations, Kerosene Dealers, LPG Distributors, Lube Shoppes, besides supplying fuel directly to
hundreds of industries, and several international and domestic airlines.

Oil and Natural Gas Corporation limited (ONGC)

In August 1960, the Oil and Natural Gas Commission was formed. Raised from mere
Directorate status to Commission, it had enhanced powers. In 1959, these powers were further
enhanced by converting the commission into a statutory body by an Act of Indian Parliament.

Oil and Natural Gas Corporation Limited (ONGC) (incorporated on 23 June 1993) is a

state-owned oil and gas company in India. It is a Fortune Global 500 company ranked 152nd,
and contributes 77% of India's crude oil production and 81% of India's natural gas production. It
is the highest profit making corporation in India. It was set up as a commission on 14 August
1956. Indian government holds 74.14% equity stake in this company.

ONGC is one of Asia's largest and most active companies involved in exploration and
production of oil. It is involved in exploring for and exploiting hydrocarbons in 26 sedimentary
basins of India. It produces about 30% of India's crude oil requirement. It owns and operates
more than 11,000 kilometers of pipelines in India.

Reliance petroleum limited (RIL)

Reliance Petroleum Limited was set up by Reliance Industries Limited (RIL), one of
India's largest private sector companies based in Mumbai. Currently, RPL is subsidiary of RIL,
and has interests in the downstream oil business. RPL also benefits from a strategic alliance with
Chevron India Holdings Pte Limited, Singapore, a wholly owned subsidiary of Chevron
Corporation USA (Chevron), which currently holds a 5% equity stake in the Company. Refining
activities of Reliance Industries Limited are carried out at the Jamnagar refinery complex with
refining capacity of 27 million tonnes per annum (540,000 barrels per day).

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 The refinery is able to process a wide variety of crudes- from very light to very heavy
(from 18 to 45 degree API) and from sweet to very heavy (with sulphur content from 0 to 4.5%).

RPL commenced its crude processing on 25 December 2008. The secondary processing
units are now under synchronization and commissioning. The entire refinery complex is
expected to attain full capacity shortly. With an annual crude processing capacity of
580,000 barrels (92,000 m3) per stream day (BPSD), RPL will be the sixth largest refinery in the
world. It will have a complexity of 14.0, using the Nelson Complexity Index, ranking it amongst
the highest in the sector. The polypropylene plant will have a capacity to produce 0.9 million
metric tonnes per annum.

Essar group
The Essar Group is a multinational conglomerate corporation in the sectors of Steel,
Energy, Power, Communications, Shipping Ports & Logistics as well as Construction
headquartered at Mumbai, India.

Essar began as a construction company in 1969 and diversified into manufacturing,

services and retail. Essar Steel produces customized products catering to a variety of product
segments and is India's largest exporter of flat products to the US and European markets, and to
those of South East Asia and the Middle East.

Indo-burma Petroleum Company limited (IBPCL)

IBP was originally founded by Abdul Karim Abdul Shakur Jamal under the name of
Jamal's oil Company limited and was renamed as Indo-Burma Petroleum Company limited in
1909. On 2 May 2007, IBP was merged with Indian Oil the oldest oil company in India.

IBP Co. Limited was born in the then undivided British India as “Indo-Burma Petroleum
Company Limited” a joint stock private company on 08-02-1909 at Burma, presently Myanmar.
The developments that followed Second World War forced the company change its headquarters
to Kolkata permitting the British Government to bombard and destroy its only refinery at
Rangoon. Thereafter the company joined hands with the then Indian Oil Company (Later formed
as Indian Oil Corporation Limited after merger with Indian Refineries Company Limited) and
carried out business in petroleum products at Mumbai and Kolkata.

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STASTICAL ANALYSIS
Consumption of Petrol
Petrol is largely an item of final consumption. Its price, therefore, has a very small impact on
inflation due to forward linkages. The average annual use of petrol per vehicle is given bellow

Type Average Fuel Litres/ Monthly Fuel

of Distance Efficiency Vehicle/ Cost at price
Vehicle Covered (KM/Litre) Year on 1.1.10 in
annually (KM) Delhi (Rs)

Two Wheelers 6300 73.0 86 320

(Petrol) (10000)

Three Wheelers 35000 34.0 1,029 3835

(Petrol) (40000)

Cars 8000 13.5 593 2210

(Petrol) (15000)

SOURCE: ’Residential and Transport Energy use in India: Past Trend and Future Outlook’ by
Ernest Orlando Lawrence Berkeley National Laboratory, USA, and January 2009
Table - I (Average Annual Consumption of Fuel by Class of Vehicles)

Consumption of Diesel
The consumption of diesel by different users in 2008-09. Trucks accounted for 37% and
buses 12% of total diesel consumption in 2008-09. Agriculture’s share was 12%.

Type Average Fuel Litres/ Monthly Fuel

of Distance Efficiency Vehicle/ Cost at price
Vehicle Covered (KM/Litre) Year on 1.1.10 in
annually (KM) Delhi (Rs)

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 Cars 8000 14.0 571 1566
(Diesel) (15000)

MPV 7800 8.7 897 2461

(Diesel) (37000)

Bus 55000 4.1 13,415 36,802

(Diesel) (60000)

Heavy Trucks 55000 3.6 15,278 41,913

(Diesel) (35000)

Light Trucks 20000 4.5 4,415 12,112

(Diesel) (40000)

SOURCE: ’Residential and Transport Energy use in India: Past Trend and Future Outlook’ by
Ernest Orlando Lawrence Berkeley National Laboratory, USA, and January 2009

Table - II (Average Annual Consumption of Fuel by Class of Vehicles)

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 User-wise percentage share in total diesel consumption,
2008-09

Industry
10%
Railways
6%

Truks
37%
Agriculture
12%

Power Generators
Passenger cars 8%
Buses 15%
12%

SOURCE: Petroleum Planning and Analysis Cell (PPAC)

Graph - I (User-wise percentage share in total diesel consumption, 2008-09)

Prices of crude oil

The data contains crude oil cost in every month of year 2005, 2006, 2007, 2008, and
2009. In Dollar ($) per barrel (bbl).

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Price of crude oil in 2005 for a barrel in $

MONTHS PRICE OF CRUDE OIL FOR BARREL IN $

JANUARY 80.38 $

FEBRUARY 83.2 $

MARCH 95.37 $

APRIL 94.94 $

MAY 89.71 $

JUNE 101.09 $

JULY 105.71 $

AUGUST 115.97 $

SEPTEMBER 115.58 $

OCTOBER 109.03 $

NOVEMBER 103.19 $

DECEMBER 105.83 $

Table – III (crude oil price of 2005 in $)

Barrel = 159 liters of crude oil

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 crude oil Price of 2005 in $
140

120

100

80

crude oil
60 Price of
2005 in $

40

20

0
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

GRAPH – II (crude oil Price of 2005 in $)

OBSERVATION:

In the above graph the crude oil cost is increased more in august and September month and it
reduced and it is again increased in December

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Price of crude oil in 2006 for a barrel in $

MONTHS PRICE OF CRUDE OIL FOR BARREL IN $

JANUARY 117.11 $

FEBRUARY 112.09 $

MARCH 114.31 $

APRIL 127.6 $

MAY 128.84 $

JUNE 128.15 $

JULY 135.97 $

AUGUST 134.81 $

SEPTEMBER 116.62 $

OCTOBER 108.78 $

NOVEMBER 109.22 $

DECEMBER 114.52 $

TABLE – IV (crude oil Price of 2006 in $)

Barrel = 159 liters of crude oil

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 crude oil Price of 2006 in $
160

140

120

100

80

crude
60 oil
Price of
2006 in
$
40

20

0
jan feb mar apr may jun jul aug sep oct nov dec

GRAPH – III (crude oil Price of 2006 in $)

OBSERVATION:

In the above graph the crude oil cost is increased more in July and august month and it reduced
to less than January in December.

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Price of crude oil in 2007 for a barrel in $

MONTHS PRICE OF CRUDE OIL FOR BARREL IN $

JANUARY 100.52 $

FEBRUARY 108.08 $

MARCH 113.85 $

APRIL 122.28 $

MAY 122.52 $

JUNE 128.08 $

JULY 138.12 $

AUGUST 131.63 $

SEPTEMBER 144.05 $

OCTOBER 153.84 $

NOVEMBER 171.38 $

DECEMBER 168.05 $

TABLE – V (crude oil Price of 2007 in $)

Barrel = 159 liters of crude oil

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 price of crude oil in 2007 in $

dec

nov

oct

sep

aug

jul

jun

may price of crude

oil in 2007 in
apr $

mar

feb

jan

0 20 40 60 80 100 120 140 160 180

GRAPH – IV (crude oil Price of 2007 in $)

OBSERVATION:

In the above graph the crude oil cost is increasing and reducing in this year from month to month
and it is highly increased in November.

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Price of crude oil in 2008 for a barrel in $

MONTHS PRICE OF CRUDE OIL FOR BARREL IN $

JANUARY 170.25 $

FEBRUARY 175.34 $

MARCH 191.1 $

APRIL 204.24 $

MAY 230.52 $

JUNE 247 $

JULY 249.66 $

AUGUST 215.3 $

SEPTEMBER 187.06 $

OCTOBER 136.34 $

NOVEMBER 101.25 $

DECEMBER 77.71 $

TABLE – VI (crude oil Price of 2008 in $)

Barrel = 159 liters of crude oil

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 crude oil price of 2008 in $

250

200

150

crude oil
100 price of
2008 in $

50

0
jan feb mar apr may jun jul aug sep oct nov dec

GRAPH – V (crude oil Price of 2007 in $)

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OBSERVATION:

In the above graph the crude oil cost is increased more in June and July month and it reduced to
lowest cost in December.

Price of crude oil in 2009 for a barrel in $

MONTHS PRICE OF CRUDE OIL FOR BARREL IN $

JANUARY 82.58 $

FEBRUARY 78.83 $

MARCH 87.89 $

APRIL 94.55 $

MAY 109.28 $

JUNE 129.99 $

JULY 121.64 $

AUGUST 134.69 $

SEPTEMBER 128.47 $

OCTOBER 139.21 $

NOVEMBER 145.82 $

DECEMBER 140.86 $

TABLE – VII (crude oil Price of 2009 in $)

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Barrel = 159 liters of crude oil

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 crude oil price of 2009 in $

160

140

120

100

80

crude oil
60 price of
2009 in $

40

20

0
jan feb mar apr may jun jul aug sep oct nov dec

GRAPH – VI (crude oil Price of 2007 in $)

OBSERVATION:

In the above graph the crude oil cost is increased from January to December.

MEAN
Mean means approximating the statistical norm or average or expected value

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Mean of the year’s 2005, 2006, 2007, 2008 and 2009

YEARS MEAN
2005 100 $
2006 120.6683 $
2007 133.5333 $
2008 182.1475 $
2009 116.1508 $
TABLE – VIII (Mean of the crude oil Price in $)

Mean
200
180
160
140
120
Mean
100
80
60
40
20
0
2005 2006 2007 2008 2009

GRAPH – VII (Mean of the crude oil Price in $)

OBSERVATION:

In the above graph the mean of crude oil cost is increased at high in year 2008 and it reduced in
2009 comparatively.

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TREND ANALYSIS
Trend analysis mean analysis of changes over time or Trend analysis is taking past results to
predict future performance.

Trend analysis of the price of crude oil

y= a + bx

Where as

a = ∑ y/ number of years

b = ∑ xy / ∑ x2

Year Mean (base year- xy x2

y current year)
x
2005 100 -2 -200 4
2006 120.66 -1 -120.66 1
2007 133.53 0 0 0
2008 182.14 1 182.14 1
2009 116.15 2 232.3 4
∑y=0 ∑x=0 ∑ xy = 0 ∑ x2 = 0

TABLE – IX (trend equation)

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Base year is 2007

y=a+bx

a = 652.48/ 5 = 130.49

b = 93.78 / 10 = 9.37

Therefore,

y = 130.49 + 9.37 x

If the “x” is 2010

Where as

x = current year – base year

= 2010 – 2007

=3

x=3

Therefore,

y = 130.49 + 9.37 x

= 130.49 + 9.37 (3)

= 130.49 + 28.11

= 158.6

y = 158.6

By substituting the next years by using the same equation we can estimate the crude oil
price for the consequent years

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Mean and standard deviation

Year Mean of crude oil Standard deviation

2005 100 11.58912
2006 120.66 9.808127

2007 133.53 22.5111

2008 182.14 54.38327

2009 116.15 24.44282

TABLE – X (mean and standard deviation)

Trend for the next five year’s

YEAR TREND
2010* 158.6
2011* 169.97
2012* 177.34
2013* 186.71
2014* 196.08
Note: projections

TABLE – XI (trend for the next 5 years)

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 Trend
Trend

196.08
182.14 186.71
177.34
169.97
158.6

133.53
120.66 116.15
100

2005 2006 2007 2008 2009 2010* 2011* 2012* 2013* 2014*

GRAPH – VIII (trend of the crude oil Price in $ for the next 5 years)

OBSERVATION

In the above graph the the price of crude oil is expected to be at 196.08 $ per barrel

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CONCLUSION
The price of crude oil is drastically increasing from year to year where as the price in the
Indian market not increasing such as the international crude oil is cost due to the presence of
government hand in the oil company’s in India as due

If the presence of government is not there now the price will be very high in India. Now a
day the price is also increased due to high increase in the crude oil and the oil refinery companies
are running under loss that is the main reason to increase in price of petroleum products in India.
The consumption of petroleum products also increase due to the increase in vehicles and usage in
different manner.

As India has joined in Copenhagen summit to reduce the carbon emission by 2012 in
order to control the carbon emission in Delhi the major vehicles are using LPG.

REFERENCES
Study on Oil Price Impact ^ May-17

Report of The Expert Group on A Viable and Sustainable System of Pricing of Petroleum
Products ^ Government of India ^ New Delhi^02 February 2010

www.iocl.com

www.bharatpetroleum.com/

www.hindustanpetroleum.com

www.reliancepetroleum.com/

http://www.indexmundi.com/commodities/?commodity=petroleum-price-index&months=60

www.Essar.com

“Petroleum Resources” under “Petroleum” in ECT 2nd ed., Vol. 14, 856–867, by E. R.
Heydinger, Marathon Oil Co.;

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“Resources” under “Petroleum” in ECT 3rd ed., Vol. 17, pp. 132–142, by L. J. Drew, U.S.
Geological Survey.

http://www.google.com/

en.wikipedia.org/wiki/Wikipedia

www.wikipedia.org

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