President of Argentina will announce raise of 2.5% in the ethanol blend
In the coming days the president of Argentina, Mauricio Macri, shall announce an increase in the national blend of the biofuel in gasoline to 12,5 percent from the current 10 percent, according to local newspaper La Gaceta. That is the first stage of the commitment made by the President during his campaign, to rise up to 15% the ethanol blend.
According to the head of Belgrano Plan, Jose Cano, confirmed the move, explaining that two percentage points will go to sugarcane ethanol and the remaining 0.5% to corn ethanol.
The confirmation of this measure is important for the sugar industry, as it could mean the end of a price crisis that has significantly affected the industry.
Recently, when discussing the progress of the increase in the blend of the biofuel in gasoline, Fernando Nebbia, president of Argentina’s Sugar Center o, had said that “The move represents a relief which encompasses both the industry and sugarcane growers, as it expands spectrum for the use of our commodity”
The announcement will be formalized in the first days of next month, according to Cano.