June 25 (Renewables Now) - The Brazilian Agency of Petroleum, Natural Gas and Biofuels (ANP) announced last week that 1.01 billion litres (264.17m gallons) have been contracted in the 61th biodiesel auction.
A total of BRL 2.65 billion (USD 700m/EUR 600m) were traded at the tender at an average price of BRL 2.631 per litre. From the 38 producers that offered more than 1 billion litres of biodiesel, 97.66% bear the Social Fuel Seal, which gives producers incentives to source raw materials from small farms, ANP said.
In the first selling days, around 966.82 million litres were sold, or 93% of the total target, while a further 41.2 million litres were contracted following the initial bidding.
Brazil's biodiesel auctions are designed to meet the legal requirement for the 10% minimum blend of biodiesel in diesel sold at the pump. The 61th tender will ensure the biofuel supply in the domestic market from July 1 to August 31, 2018, the agency noted.
(BRL 1 = USD 0.26/EUR 0.23)