In India, Universal Biofuels was selected by India’s three government-controlled oil marketing companies (OMCs) to supply an estimated $150 million of biodiesel under cost-plus purchase contracts for approximately 40 million gallons of biodiesel during the one-year period starting October 2023.
Approximately 70% of the 25 billion gallon diesel market in India is supplied by the OMCs, with the remaining 30% supplied by private oil refiners. The 2022 Amendment to India’s National Policy on Biofuels targets a 5% minimum blend on direct sale of biodiesel by 2030 to expand the domestic production and consumption of biodiesel above the current 1% blend. The National Policy prohibits imports of biodiesel into India.
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