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Current restrictions on environmental pollution worldwide has created the need for new methodologies and technology development which should not only ensure ultra-low emission level from different categories of engine but should also use less fuel resulting in lower carbon dioxide (CO2) emissions. The state-of-art technology to achieve ultra-low emissions placed after engine in exhaust line is a ‘catalytic converter’. Catalytic converter is an after treatment device which typically oxidizes or reduces the toxic pollutants emitted by any engine to carbon dioxide (CO2), nitrogen (N2) and water (H2O). Catalytic converters used in Gasoline / CNG operated vehicles contains oxygen storage component as a key component for supplying oxygen in rich mode of operation and the oxygen concentration release rate is function of gas concentration and air to fuel ratio (A/F) or lambda (λ).