Argentina raises domestic market biofuel prices

Credit: REUTERS/Enrique Marcarian

BUENOS AIRES, Nov 30 (Reuters) - Argentina raised the prices of biodiesel for its mandatory blending with gasoil used in the domestic market on Thursday, according to a resolution published in the Official Gazette.

The energy secretariat says the new value effective as of December for the acquisition of biodiesel was set at 686,986 pesos (about $1,908) per ton.

"The payment period for biodiesel may not exceed, in any case, seven calendar days as from the date of the corresponding invoice", it stated.

The resolution explains that modifications may be made in the process for determining the acquisition price of biodiesel in case of detecting discrepancies between the values resulting from its implementation and the real costs of manufacturing the products, or when said price may generate distortions in the prices of the fossil fuel.

The South American country is battling triple-digit inflation.

(Reporting by Walter Bianchi; Writing by Steven Grattan)

((Steven.Grattan@thomsonreuters.com;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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