The increasing industrialization and modernization of the world has to a steep rise for the demand of petroleum products. Economic development in developing countries has led to huge increase in the energy demand. In India, the energy demand is increasing at a rate of 6.5% per annum. The crude oil demand of the country is met by import of about 80%. Thus the energy security has become a key issue for the nation as a whole. Petroleum based fuels are limited. The finite reserves are highly concentrated in certain regions of the world. Therefore, those countries not having these reserves are facing foreign exchange crises, mainly due to the import of crude oil. Hence it is necessary to look forward for alternative fuels, which can be produced from feedstocks available within the country.