Indian oil companies set benchmark price for ethanol procurement

January 20, 2014 |

In India, Indian Oil Corporation, Bharat Petroleum, and Hindustan Petroleum have said that they will procure ethanol only from bidders that meet a benchmark price of approximately USD$2.80 per gallon, in a recent joint statement to the petroleum ministry. This decision has caused protest among domestic sugar mill owners, who suffer because of the rising price of sugarcane, compared with a drop in global sugar prices. The sugar millers, petroleum companies, and government are still in negotiations.

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Category: Fuels

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