'Will benefit our hardworking sugarcane farmers': PM hails Cabinet decision to revise ethanol price

New Delhi: Prime Minister Narendra Modi on Wednesday hailed the Cabinet’s decision to revise ethanol price saying that it “will benefit those associated with the sugar industry and our hardworking sugarcane farmers.” Earlier in the day, the Cabinet approved the mechanism for procurement of ethanol by Public Sector Oil Marketing Companies (OMCs) under Ethanol Blended Petrol (EBP) program from 1 December 2022 to 31 October 2023.

Most of India’s ethanol is produced from sugarcane. Ethanol is a renewable fuel made from plant materials. “The price of ethanol has been raised by 5.9% for C-Heavy molasses route, 2.8% for B-Heavy molasses route & 3.4% for sugarcane juice/sugar syrup route. Decision has also been taken to advance the ethanol supply year by one month from next year to streamline procurement,” Union Minister Hardeep Singh Puri said.

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“Modi government’s visionary steps have enabled us to increase ethanol blending from 1.4% in 2014 to 10% in 2022 saving over ₹40,000 cr in foreign exchange this financial year & 30 million tonnes net CO2 reduction in last 8 years apart from providing prosperity to our farmers,” he added. Read all the Latest News , Trending News ,  Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.