The increasing industrialization and motorization of the world has led to a steep rise for the demand of petroleum products. Petroleum based fuels are obtained from limited reserves. These finite reserves are highly concentrated in certain regions of the world. Therefore, those countries not having these resources are facing a foreign exchange crisis, mainly due to the import of crude oil. Hence, it is necessary to look for alternative fuels, which can be produced from materials available within the country. Rapid escalation of fuel prices and depleting hydrocarbon resources of the world have forced us to look for alternative fuels, which can satisfy ever increasing demands of energy as well as protect the environment by repressing the levels of noxious pollutants.