Indian Economy News

Ethanol blending program saved US$ 2.92 billion (Rs. 24,300 crore) foreign exchange in 2022-23: Union Petroleum Minister Mr. Hardeep Puri

  • IBEF
  • January 5, 2024

On Wednesday, Union Petroleum Minister Mr. Hardeep Puri highlighted that incorporating ethanol into petrol resulted in substantial foreign exchange savings exceeding US$ 2.92 billion (Rs. 24,300 crore) in the supply year 2022-23. Public sector oil marketing companies (OMCs) achieved notable benefits, saving approximately 509 crore liters of petrol and facilitating swift payments of around US$ 2.31 billion (Rs. 19,300 crore) to farmers through ethanol blending during the mentioned supply year. This initiative is estimated to have led to a net reduction of about 108 lakh metric tonnes of carbon dioxide. Notably, public sector oil marketing companies recently announced an incentive of Rs. 6.87 per liter for ethanol production from C-heavy molasses.

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