Futuristic technology to bring down petrol prices to Rs 30 a litre in 5 years

In coming five years, you could be paying as less than Rs 30 per litre to buy petrol.

A futuristic technology will be decreasing gthe 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.

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.

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.

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.