India has plans to meet Prime Minister Narendra Modi's goal of reducing the country's dependence on energy imports, and it starts from the kitchen.
Three major state-owned fuel traders – Indian Oil Corp., Bharat Petroleum Corp. and Hindustan Petroleum Corp. are seeking to convert used cooking oil, which could otherwise be discarded into biodiesel fuels. Retailers are looking for leftovers from cooking oils such as hotels, restaurants and chairs in 100 cities, said Petroleum Minister Darmendra Pradhan in New Delhi on World Biofuels Day.
Retailers will pay 51 rupees ($ 0.72) per liter to buy used cooking oil in the first year, 52.7 rupees in the second year and 54.5 rupees in the third. As one of the best consumers of nuclear oil in the world, India uses about 27 billion liters of cooking oil every year, of which 1.4 billion liters can be collected to produce 1.1 billion liters of biodiesel, according to the ministry.
India is the third largest consumer of crude oil in the world, meeting about 85% of its import needs, exposing the economy to the risks of price and supply disruptions, often caused by geopolitical tensions and trade wars. The prime minister aims to reduce such overseas energy purchases by 10 percentage points by 2022 by increasing domestic production and increasing the use of alternative fuels.
(This story was published by a telecommunication agency feed without text modifications. Only the title was changed.)
August 11, 2019 9:47 AM IST