India’s state-run fuel retailers are expanding their ethanol storage capacity to 51% as the nation aims to double the blending of biofuels with gasoline to 20% by 2025.
NEW DELHI (Reuters) – India’s state-run fuel retailer is looking to increase its ethanol storage capacity by 51%, as the country allows blending of biofuels with gasoline by 2025, a director at the country’s top refiner Indian Oil Corp said. Aims to double that to 20%. Friday. 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 emissions by 2070, and is encouraging industries to switch to cleaner alternatives, including renewable and biofuels, to cut their carbon footprint.
India is close to achieving its target of 10% ethanol blended gasoline in this financial year ending March 31, SSV Ramkumar said at an energy conference. Last year, India pushed forward its target of selling 20% ethanol blended fuels nationwide by five years to 2025, with sales commencing in some parts of the country from April 2023.
India’s federal finance ministry has proposed a tax of Rs 2 per liter on unmixed petrol from October. Public sector companies Indian Oil Corp, Hindustan Petroleum Corp and Bharat Petroleum Corp have a stockpile of 178 million liters of ethanol.
Ramkumar said, “With the current capacity, about 4.30 billion liters of ethanol can be handled annually, given a coverage period of 15 days. With a tankage of 446.4 million liters by 2025, about 10.6 billion liters of ethanol can be handled annually. Is.”
(Reporting by Nidhi Verma and Sudarshan Vardhan; Editing by Vinay Dwivedi)
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