'Petrol prices could go as low as Rs 30 in future'

Technology may come as the answer to the fuel woes of humanity and turn the tables around in a matter of few years. According to futurist Tony Seba, technological advancements will lessen our dependency on petroleum products to fuel vehicles, bringing down the demand for the same.

An instructor at Standfords' Continuing Studies Program, Seba is banking his claim on smart vehicles. According to him, our demand for fuel oil will come down with the advent of self-drive cars, increase in public transportation and smarter driving technologies. This could bring down oil prices to even $25 a barrel.

Quite recently, India too began promoting electric vehicles on war footing, with the goal of no sale of diesel vehicles for the next 15 years. Power Minsiter Piyush Goyal had recently stated that the government is looking forward to have an all electric car fleet by 2030.

Seba, who came to be known for predicting decline in solar energy tariffs when they were tenfold what they are today, said this is going to happen to petrol in as little as five years. Quite recently, solar power prices went down to somewhere around Rs 2, something unforeseeable a few years back on account of costly infrastructure and difficult environments needed to produce it.

"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," Seba told CNBC.

He further added, "Imagine a Starbucks on wheels. Essentially transportation is going to be so cheap, it's going to be essentially cheaper for Starbucks to run around and take me to work, which is, you know, 60 kilometers away, and give that transportation for free, in exchange for going to buy coffee in that hour of commute."