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Market Chatter: Brazil Targets Fuel Self-Sufficiency With 32% Ethanol, 16% Biodiesel Blend

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-- Brazil plans to raise ethanol in gasoline to 32% in the coming days while also signaling a higher biodiesel blend, President Luiz Inacio Lula da Silva said Thursday, Reuters reported.

Brazil will increase the gasoline-ethanol blend to 32% from 30% and raise the biodiesel blend to 16% from 15% after additional testing, the report noted.

The Energy and Mines Ministry will review the proposal on May 7 and expects the higher ethanol mix to support Brazil's push toward gasoline self-sufficiency, the report said.

Authorities will conduct further testing before increasing the biodiesel blend to 16% from 15%, according to the report.

has reached out to Brazil's Energy and Mines Ministry for any comments.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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