December 13 (Renewables Now) - The Brazilian Agency of Petroleum, Natural Gas and Biofuels (ANP) announced on Tuesday that 713.4 million litres (188.4m gallons) have been contracted in the 58th biodiesel auction.
A total of BRL 1.71 billion (USD 516.4m/EUR 439.8m) were traded at the tender with an average price of BRL 2.4 per litre. Of all the 35 producers that offered more than 870.6 million litres of biodiesel, 97.5% had the Social Fuel Seal, which gives producers incentives to source raw materials from small farms, ANP said.
During the first day of the competition, around 651 million litres were sold, or 74.8% of the total offering. A further 62.3 million litres were sold in the second day, the agency noted.
Brazil's biodiesel auctions are designed to meet the legal requirement for the 8% minimum blend of biodiesel in diesel sold at the pump. The 58th auction will ensure the biofuel supply in the domestic market from January 1 to February 28, 2018.
(BRL 1 = USD 0.302/EUR 0.257)