India expands biofuel tax benefit for ethanol and vegoils

India has expanded the excise duty exemption for biofuels to encourage the blending of higher proportions of ethanol and components of vegetable oil with gasoline and diesel, a government order said.

India, the world’s third-biggest oil importer and consumer, has been particularly keen to rein in its oil import bill since the conflict in Ukraine spurred a surge in global crude prices.