India has managed to save precious foreign exchange outgo worth Rs 9,580 crore in the last one year thanks to the use of Ethanol Blended Petrol (EBP) in transport.
Under the EBP programme, Oil Marketing Companies (OMCs) sell 10 per cent ethanol-blended petrol or E10. Indian Oil (IOC), Bharat Petroleum (BPCL) and Hindustan Petroleum (HPCL) sold 3,672 crore litres of EBP between 1 December 2020 and 14 November 2021.
"The foreign exchange impact is a factor of average Free-on-Board rate of petrol and USD/INR exchange rate. During the period 1 December 2020 to 14 November 2021, the notional foreign exchange impact is estimated to be around Rs 9,580 crore," Minister of State for Petroleum and Natural Gas Rameswar Teli said .
