Oil Prices: India s ethanol production capacity was about 13.80 billion litres per year in November 2023, of which 8.75 billion litres were molasses-based and about 5.05 billion litres grain-based, according to government data. The production capacity was about 4.20 billion litres in 2014.
State-run and private refiners including IOC, Bharat Petroleum and Reliance Industries are jointly negotiating with Russian suppliers for better crude prices after discounts fell 70%.India saved about $7.9 billion in the first 11 months of 2023-24 due to cheaper imports from Russia