MK Surana, former Hindustan Petroleum Chairman, has busted the "myth" that blending ethanol with petrol will lower fuel prices. "Ethanol costs between ₹56.71-₹71/litre, while ex-refinery price of petrol was almost ₹53/litre. As far as OMCs are concerned, the answer is 'no', because ethanol is costlier than petrol for them," Surana said. Ethanol is like a "hedge" for OMCs, he added.