Indian Oil Corporation rolls out methanol-blended petrol M15 on pilot basis

With a 15 per cent blend of methanol with petrol, Indian Oil Corp (IOC) rolled out M15 petrol on a pilot basis in Assam's Tinsukia district. 

In the presence of Niti Aayog member VK Saraswat and IOC chairman SM Vaidya, Union Minister of State for Petroleum and Natural Gas Rameswar Teli on Saturday launched the M15 petrol. Teli said that blending fuel with methanol will provide respite from the rising prices. 

"Pilot rollout of M15 is a stepping stone towards achieving fuel independence and reducing the import burden," he said. 

Steps are being taken by IOC to make India self-sufficient in energy, he added. The pilot rollout was done in Tinsukia by the company due to the ready availability of methanol, which is being manufactured by Assam Petrochemical Ltd in the vicinity of Digboi refinery, said an official statement.  

Earlier in April, the government had extended the timeline for the disbursement of loans and completion of projects related to ethanol. 

According to the official statement, to facilitate Project Proponents to complete their projects and to avail of benefits of interest subvention, the Central Government has therefore decided to extend the timeline for disbursement of loans up to September 30, 2022, in respect of all the schemes notified during 2018-2021. 

Central Government with a view to increasing production of ethanol and its supply under the Ethanol Blended with Petrol (EBP) Programme, especially in the surplus season and thereby improve the liquidity position of the sugar mills enabling them to clear cane price arrears of the farmers, notified different interest subvention schemes for sugar mills and distilleries during 2018-2021. 

It also read that government is extending financial assistance in the form of interest subvention @ 6 per cent per annum or 50 per cent of the rate of interest charged by banks, whichever is lower, on the loans to be extended by banks for five years including one-year moratorium. 

(With PTI Inputs)