ETHANOL IN INDIA
India has to import nearly 70% of its annual crude petroleum requirement, which is around 110 million tons. The prices are in the range of US$ 33-50 per barrel, and the expenditure on crude purchase is thus in the range of Rs.800 billion per year, which is a major factor for the country's foreign exchange reserves. (Oil Prices touched a record high of $55 per barrel.)
The petroleum industry in India now appears fully committed to the use of ethanol as a fuel, since it will benefit sugarcane farmers as well as the oil industry in the long run.