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Oil cos raise ethanol procurement price
Mint Mumbai
|December 30, 2023
Oil marketing companies (OMCs) have increased the procurement price for ethanol made from C-heavy molasses by ₹6.87 per litre for the 2023-24 supply season that started in November, marking the highest rise in over five years.
The the oil ministry on Friday, sets the new price at ₹56.28 per litre, an increase from the previous season's ₹49.41 per litre. The move is aimed at enhancing ethanol production for blending with petrol. Ethanol makes up for an estimated 12% of petrol sold in India, and the government aims to raise blending to 20% by 2025.
India is among the world's largest importers of crude oil.
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