Oil Min Plans New Bio-Fuel Policy

Oil Min Plans New Bio-Fuel Policy

A day after DNA Money reported how 18% levy under goods and services tax (GST) has killed 80% of bio-diesel industry in India, ministry of petroleum and natural gas on Wednesday had a consultative meeting in which stakeholders were invited for suggestions for drafting a roadmap for new bio-fuel policy in India.

The ministry officials said the policy will help the government in reducing dependency on import of crude oil, savings in foreign exchange, provide better remuneration for farmers and address growing environment concerns. The government has set a target of 10% import reduction by 2022. Talking at the event, Dharmendra Pradhan, minister of petroleum and gas said, “We will soon see today’s challenges (of managing municipal and agricultural wastes) turning into opportunities”

DNA Money had on Wednesday reported that the government entities, including railways and oil companies, and retail consumers have almost halted procurement of bio-diesel following a sharp spike in price under the GST regime. The development comes at a time when several Indian cities are battling severe pollution and conventional crude oil prices are on an upswing. Read More…

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