India’s biggest oil producer India Oil Corporation Ltd (IOCL) has made the petrol octane a priority as the country struggles to revive its economy.
The country’s government said on Monday that its benchmark crude oil was now at around 23.2 per cent, up from the current 17.4 per cent.
“We are working towards achieving a better-than-normal octane benchmark across all petrol blends across the country,” IOCL said in a statement.
“This is a necessary step to address the need to diversify our petrol portfolio.
We will continue to work towards achieving this by increasing the availability of premium octane fuel.”
India’s petrol consumption, the world’s second-largest, is expected to reach 11.6 million liters per day by 2030, according to the International Energy Agency (IEA).
The government has introduced a new fuel policy to bring in more octane.
IOCL is also developing a new petrol octant that will be cheaper to produce and deliver.
IOCP plans to start using premium octanes by 2025.
The company also plans to introduce new premium octanol and premium octyl alcohols in petrol, with the goal of achieving the highest octane possible in petrol.
IOCL will use octane-optimised diesel as its main fuel source.
The government had earlier said that IOCL would use octanes of up to 18 per cent for petrol.