The present invention relates to a gasohol fuel composition that prevents corrosion of the metallurgies involved in fuel storage tanks, vehicle fuel tanks, fuel distribution systems, and transportation systems. The novel gasohol fuel composition comprises of a major portion of an alcohol blended gasoline fuel and a minor portion of a corrosion inhibitor formulation, wherein the corrosion inhibitor formulation comprises of (i) a reaction product of (a) a monosaturated fatty acid; and (b) an azomethine compound derived from a condensation reaction between a carbonyl compound and an amine compound; (ii) a fatty acid oil or ester selected from a group comprising of castor oil, palm oil, soyabean oil, and methyl soya ester; (iii) a dispersing agent, the dispersing agent being a sulfonate compound; and (iv) a viscosity reducing agent selected from a group comprising of ethanol, isopropanol, and propargyl alcohol.