Indian oil companies set benchmark price for ethanol procurement
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.
Category: Fuels
