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Following India's achievement of the 10% blending target in May this year, the government on Wednesday increased the prices of ethanol purchased by oil marketing companies to blend with gasoline and pushed back the target for them to sell 20% ethanol blended petrol (EBP) by roughly five years from the earlier deadline of 2030, according to petroleum minister Hardeep Singh Puri.

He told reporters that the decision of the Cabinet Committee on Economic Affairs will assist farmers and lessen India's reliance on imported crude, saving the country money (CCEA). He claimed that 10?P reduced foreign exchange outgoing by around 40,000 crore.

It pays in dollars and imports 85% of the crude oil it uses. It spent almost $120.4 billion to import 212 million tonnes of crude oil in 2021–22.

The petroleum ministry announced that the CCEA, presided over by Prime Minister Narendra Modi, had approved higher ethanol prices derived from various sugarcane-based raw materials under the EBP Programme for the upcoming sugar season 2022–2023 and the ethanol supply year (ESY) 2022–2023 from December 1, 2022, to October 31, 2023.