new Delhi. A director of the country’s top refiner Indian Oil Corporation said on Friday that India’s state-owned oil marketing company is increasing its ethanol storage capacity by 51 per cent as the government has decided to replace gasoline with gasoline by 2025. The target has been set to double the blending of bio-fuels to 20 percent.
India is the third largest oil importer
India is the world’s third largest oil importer and relies on foreign suppliers to meet more than 80% of its demand. Prime Minister Narendra Modi has pledged to achieve Net Zero Carbon Emission by the year 2070 and the government is encouraging the industry to move towards clean and renewable alternatives of fuel.
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SSV Ramakumar of Indian Oil Corporation said in an energy conference that India is very close to meeting the target of 10 per cent ethanol blended gasoline in this financial year ending March 31.
Let us tell you that last year it has been decided in India that by 2025, up to 20 percent ethanol blended fuel sales in the country will be achieved. From April 2023, sale of gasoline containing 20 percent ethanol blend will also start in some parts of the country. The Finance Ministry has proposed a tax of Rs 2 per liter on unblended petrol from October.
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Government oil marketing companies have storage of 178 million liters of ethanol
State-owned oil marketing companies Indian Oil Corporation, Hindustan Petroleum Corporation and Bharat Petroleum Corporation have storage of 178 million liters of ethanol.
Tags: Bharat petroleum, Indian Oil
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