Indian oil companies set ethanol benchmark price too low for mills

In India, the national oil companies have at last decided on a way forward for ethanol procurement and announced jointly that they will only accept bids meeting their INR44 per liter benchmark price. The sugar mills are protesting what they say is too low of a price, meaning that the ethanol procurement process with be delayed even further until a compromise is reached. Oil companies are only willing to go 10% above the benchmark price.