Bharat Petroleum Corporation Ltd. (BPCL) plans to invest ₹1.7 lakh crore over the next five years in its core oil refining, fuel marketing and petrochemical business and in clean energy such as hydrogen, Chairman G. Krishnakumar said on Friday.

As part of ‘Project Aspire’, a five-year strategic framework, BPCL plans to raise its oil-refining capacity, augment petrochemical business and expand its presence in cleaner fuel space with an eye on energy transition and meeting the country’s fuel demand, he said during an earnings call.

Mr. Krishnakumar said the growth in demand for petrol is expected to be about 5% and diesel about 1.5-2%.

On price outlook, he said the expectation is prices would be in the range of $83-87 per barrel.