NITI Aayog working on policy to cut oil bill by $100 bn by 2030

India is the third biggest oil importer globally and the government has been making efforts to bring down imports by using alternative fuels such as methanol

The government is working on a policy to bring down the annual oil import bill by $100 billion by 2030 through extensive use of methanol in cooking gas and transportation fuel, union minister Nitin Gadkari told Lok Sabha on Thursday.

The government was "shortly" going to implement a scheme under which 15 per cent methanol will be blended with petrol and which will reduce the cost of the fuel by 10 per cent, the Road Transport Minister said during the Zero Hour.

India is the third biggest oil importer globally and the government has been making efforts to bring down imports by