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Argentina hikes biofuel prices for domestic market

Sept 6 (Reuters) - Argentina's government on Tuesday increased domestic prices of biodiesel for blending with diesel, as well as for bioethanol made from sugarcane and corn.

The Ministry of Economy's energy secretariat set the price of biodiesel at 220,000 Argentine pesos ($1,566) per tonne, up from a previous 198,143 pesos per tonne, according to the country's official gazette.

Argentina, which is suffering a long-running inflation crisis, is a major global producer of biofuels, mainly biodiesel, and regularly updates its prices for the domestic market. The country's annualized inflation rate is over 70%.

The new prices will be valid from September 2022 until the publication of a new decision to replace them, the state bulletin added.

Another resolution set the value for sugarcane-based bioethanol at 88.24 pesos per liter, up from 80.561 pesos.

The price for corn-based bioethanol will stand at 107.411 pesos with the new rule, from a previous level of 96.35 pesos.

The new pricing scheme will take effect on Tuesday.

($1 = 140.5000 Argentine pesos) (Reporting by Hernan Nessi; Editing by Jan Harvey)

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