Insurance

Biofuels policy amended: 20% ethanol blended petrol will retail from April 2023 as govt advances targets | Economy News

Biofuels policy amended: 20% ethanol blended petrol will retail from April 2023 as govt advances targets | Economy News
Written by Arindam

New Delhi: The Union Cabinet chaired by Prime Minister Narendra Modi on Wednesday approved the amendments to the National Policy on Biofuels 2018. The `National Policy on Biofuels 2018` was notified by the Ministry of Petroleum and Natural Gas on 4th June 2018 in supersession of the National Policy on Biofuels, promulgated through the Ministry of New & Renewable Energy in 2009. 

Due to advancements in the field of Biofuels, various decisions taken in the National Biofuel Coordination Committee (NBCC) meetings to increase biofuel production, recommendation of the Standing Committee and the decision to advance to introduce Ethanol Blended Petrol with up to 20 per cent ethanol throughout the country from 1 April 2023, amendments are done to the National Policy on Biofuels, according to an official statement released after the cabinet meeting.

The amended policy seeks to allow more feedstocks for production of biofuels and advance the ethanol blending target of 20 per cent blending of ethanol in petrol to ESY 2025-26 from 2030.

It seeks to promote the production of biofuels in the country, under the Make in India programme, by units located in Special Economic Zones (SEZ)/ Export Oriented Units (EoUs). The amended policy also seeks to grant permission for the export of biofuels in specific cases. Also Read: GST on online gaming: GoM recommends 28% GST, expert says disadvantage for game companies

This proposal will also attract and foster developments of indigenous technologies which will pave the way for the `Make in India` drive and thereby generate more employment, the Ministry of Petroleum & Natural Gas said in a statement. The existing National Policy on Biofuels came up during the year 2018. This amendment proposal will pave the way for the `Make in India` drive thereby leading to a reduction in the import of petroleum products. “Since many more feedstocks are being allowed for the production of biofuels, this will promote the Atmanirbhar Bharat and give an impetus to Prime Minister`s vision of India becoming `energy independent` by 2047,” the statement said. Also Read: ‘No money to buy petrol…don’t queue up for fuel,’ Sri Lanka govt urges citizens

About the author

Arindam

Leave a Comment