The production of biofuels at costs that enable retail prices of fuels below the comparable price of gasoline is the overall target, and the high
volatility of crude oil prices has demonstrated the urgent need for a fuel alternative.
That has paid off lately, because the energy sector has rebounded convincingly in the past year following the bottoming -
out of crude oil prices in early 2016.
Figure TS.16: Comparison between current and future biofuel production costs versus gasoline and diesel ex-refinery (FOB) prices for a
range of crude oil prices [Figure 5.9].
Abdullah, Ahmad Monir and Masih, Abul Mansur M. (2014): The
Impact of Crude Oil Price on Macroeconomic Variables: New Evidence from Malaysia.
Highlighting the difference between the IEP and NEP, Piyush Goyal, Minister of Power, Coal, New and Renewable Energy, and Mines, lauded the NEP for taking the sharp
decline of crude oil prices, change in solar energy technology, heightened concern of climate change issues, and the government's rural electrification agenda into account.