MK Surana, Chairman and MD of Hindustan Petroleum Corporation Ltd (HPCL) expects oil marketing companies (OMCs) to reach to 10 percent ethanol blending soon. It is expected to pave the way for the next phase which is 20 percent ethanol blending, he said.

Right now the ethanol blending percentage is somewhere around 8 percent and the efforts are on to make it reach to 10 percent and by 2025 to 20 percent, he said.

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Company’s Q3FY22 earnings missed estimates led by absorption of excise duty reduction on inventory. The refining business, however, was stronger than expected this time around. “Early November there was an announcement for reduction in excise duty and that has one time impact on inventories,” he said.

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