New Delhi, Oct 14 (IANS): Petroleum Minister Hardeep Puri on Friday said the government has navigated the global energy challenges very well, insulating the developing economy from the rising global crude and gas prices.

"At present, five million barrels of petroleum is being consumed in our country every day and it is also increasing by three percent, which is higher than global average of around one per cent," he said in Jaipur at the three-day South Asian Geoscience Conference "Geo India 2022".

At its inaugural session, the minister said that the ethanol-blend percentage in petrol has increased from 0.67 per cent in 2013 to 10 per cent in May 2022, i.e., five months ahead of schedule.

It is reducing 2.7 million tonnes of CO2 emissions which is good for the environment. As per the International Energy Agency (IEA) estimates, India will contribute a quarter (25 per cent) of the growth in global energy consumption in the coming two decades, he said further.

BP estimates that India's energy demand will double, while natural gas demand is expected to grow five-fold by 2050.