Government notifies excise duty relaxation on ethanol blending with petrol, diesel; oil, sugar companies to benefit - Anil Singhvi explains how

BIG BREAKING: The revenue department has officially notified that ethanol blending concession has been expanded to 12%-15% for petrol, up from previously 10% in different zones of the country, said Zee business correspondent Ambarish Pandey in conversation with Managing Director Anil Singhvi.

He further clarified for the viewers that no excise duty will be charged on the ethanol blending. Thus, this order of the government will make petrol cheaper for the companies.

Pandey claimed that this amendment will give an impetus to sugar companies. Initially, the ministry of consumer affairs approved 71 ethanol production projects which will be commissioned this year to further boost ethanol production in the country.

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OMCs, शुगर कंपनियों के लिए अच्छी खबर

पेट्रोल में 12%, 15% एथेनॉल ब्लेंडिंग पर एक्साइज ड्यूटी में छूट

डीजल में 20% ब्लेंडिंग पर एक्साइज ड्यूटी में छूट

राजस्व विभाग ने जारी किया नोटिफिकेशन

जानिए अंबरीष पांडे से पूरी खबर..@pandeyambarish pic.twitter.com/oNGQNHuq4g

— Zee Business (@ZeeBusiness) July 13, 2022

The focus of the government is to increase ethanol production capacities and increase its procurement through OMCs by giving concessions. Since India is the world's third-biggest oil importer, hence the government has set its sights to rein in import bills on fuel.

"To encourage the blending of a higher proportion, the government has further approved a 20% adulteration of biodiesel in the diesel from excise tax."

OMCs and the companies which manufacture long-chain fatty acids and ethanol will be largely benefitted from this order of the government, opined Pandey.    

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