New Delhi [India], August 1 (ANI): Defending the Ethanol Blended Petrol (EBP) Programme against criticism over costs and food security, the Ministry of Petroleum and Natural Gas stated on Friday that retail petrol prices in Delhi could have surged to around 125 per litre during peak global crude oil spikes if India had not implemented ethanol blending.

Highlighting the substantial financial relief provided to citizens amidst international market volatility, the Ministry of Petroleum and Natural Gas stated, 'The result? Nearly 30 per litre in savings at the pump during the peak of the crisis. The value of ethanol blending is not about being the cheapest fuel every day. It is about protecting Indian consumers from extreme volatility in global oil markets, strengthening India's energy security, and keeping more of the country's fuel bill within the Indian economy rather than sending it overseas.'

While the Indian crude basket surged to around USD 135 per barrel, consumers paid 94.77 per litre because 20% of each litre consisted of domestically produced, stably priced ethanol insulated from global shocks.

In a press release, the ministry said that when the Indian crude basket rose to around USD 135 per barrel, petrol without ethanol blending was 'projected to cost around 125 per litre in Delhi.' Instead, it said consumers paid Rs 94.77 per litre because '20 per cent of every litre was domestically produced ethanol, procured at stable, pre-agreed prices that were insulated from the global crude price spike.'

The EBP Programme has yielded over 1.97 lakh crore in foreign exchange savings, substituted more than 316 lakh metric tonnes of crude imports, and reduced CO emissions by over 950 lakh metric tonnes.

The ministry also rejected the claim that ethanol blending survives on taxpayer subsidies. 'Ethanol blending isn't a taxpayer subsidy. It's India's energy insurance and it has already delivered when the crisis hit,' it said.

The initiative has driven over 1.66 lakh crore in direct payments to farmers and distillers, establishing a reliable domestic marketplace for agricultural produce while cutting down India's 88% import dependency on crude oil. (ANI)