June 14 (Renewables Now) - The Brazilian Agency of Petroleum, Natural Gas and Biofuels (ANP) announced on Tuesday that 760.3 million litres (200.9m gallons) have been contracted in the 55th biodiesel auction.
At an average price of BRL 2.255 (USD 0.685/EUR 0.608) per litre, the tender traded a total amount of BRL 1.71 billion. Total of 99.95% of the contracted biodiesel volume has the Social Fuel Seal. The seal gives producers incentives to source raw materials from small farms, ANP said.
During the first day of the competition, around 664.9 million litres were sold, or 77.6% of the total offering. As for the second day, a further 95.2 million litres were sold. Overall, 34 producers offered more than 856 million litres of biodiesel, 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. This tender will ensure the biofuel supply in the domestic market from July 1 to August 31, 2017.
(BRL 1 = USD 0.304/EUR 0.270)