India Calls for Bigger Biofuel Push as Oil Prices Soar

India is calling for a larger biofuel push to combat rising oil prices caused by the Middle East crisis, according to Tarun Kapoor, a senior adviser in the Prime Minister's Office. Speaking at the India Sugar and Bio-Energy Conference, Kapoor emphasized the importance of maximizing value from every resource available. The future of biofuels lies in expanding the market and fully utilizing the capacity created, Kapoor stated.

As the world's third-largest crude oil importer, India has been heavily reliant on the Middle East for nearly half of its crude oil imports before the recent tensions. The war has led to a significant increase in India's crude oil import bill, with prices soaring above $100 per barrel, just before the international Brent crude oil benchmark crossed the $100 mark for the first time since July.

To reduce dependence on imported oil and promote low-carbon mobility, the Indian government launched a fuel flex mobility program in June, which included a new fuel blend with an 85% ethanol component. The program aims to strengthen the rural economy through increased ethanol demand.