Brazil’s 54th biodiesel auction sells 734 million litres

733.9 million litres (193.9m gallons) of biodiesel have been contracted at Brazil’s 54^th biodiesel auction, according to The Brazilian Agency of Petroleum, Natural Gas and Biofuels, and Renewables Now.

Brazil’s biodiesel auctions are intended to help meet the legal requirement for a minimum blend of 8% biodiesel in diesel sold at the country’s fuel stations. The 54^th tender auction aimed to ensure the biofuel supply in the domestic market from 1 May to 30 June.

The average price of biodiesel in Europe is US $0.67 (EUR 0.63) per litre, meaning the total value traded in the biodiesel tender was US $491.7 million (EUR 462 million). About 96.6% of the contracted volume had the Social Fuel Seal, which gives producers incentives to source raw materials from small farms.

651.8 million litres were sold in just the first day of the competition, with the remaining 81.6 million being sold in the final day. 34 producers at the auction offered over 872.3 million litres of biodiesel, according to Renewables Now.