India imports roughly 85% of its crude oil. Every dollar increase in Brent oil price hits the import bill, pressures the rupee, and makes the domestic fuel mix expensive. Ethanol, produced from sugarcane, maize, or rice is blended into petrol as a partial substitute. The more expensive petrol becomes, the stronger the economic rationale for maximising that blend. From a modest 1.5% blending rate in 2014, it has effectively reached the 20% E20 target by mid-2025 (five years ahead of the original 2030 deadline). So the macro story is real. Ethanol matters. Blending is happening. The government is committed. However…
