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2008-06-06 14:49:17 |
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Govt to raise ethanol fixed price to increase output
Commodity Online NEW DELHI: In a view to increase country’s ethanol output, Indian government is likely to raise the fixed price of ethanol nearly 5 percent to 10 percent from its current level in the coming months.
An industrial official said “The government may raise the fixed price of ethanol up to Rs 24 per litter from Rs 21.5 per litter”.
The current price of ethanol was fixed when crude oil was trading at around USD60 per barrel, and it is now trading above USD120 per barrel.
The higher price of ethanol would encourage more output, which is necessary to hit India's mandatory 10 per cent biofuel blending target by October this year, he said.
The current level of mandatory blending is 5 per cent.
"There is no shortage of (feedstock for ethanol production) to meet the 10 per cent blending target as well as the needs of the chemical and liquor manufacturers," said the official.
India produced a record 30 million tons of sugar in the crop year ending Sept. 30, 2007, and is projected to produce around 28.3 million tons in the current year, said the official.
Output in the 2008-09 crop year is projected lower around 24 million tons due to an expected decline in the area planted in sugarcane as farmers switch to more profitable crops such as wheat and rice. |
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Cardamom futures rose at the MCX counter Friday as the demand for the commodity in the spot market is seen firm against the lower than expected stockpiles. |
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MCX Comdex was up by 0.67% to 2687.20. MCX Energy was down by 0.98% to 2765.22, MCX Metal was up by 1.45% to 3130.30 and MCX Agri was up by 2.78% to 2182.39. |
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Domestic crude oil futures are trading with mild losses Friday as the impacts of the late sell of continued to linger on the market. |
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Russia may buy remaining 203 tonnes of IMF gold |
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Which country will not buy the remaining gold reserve from International Monetary Fund (IMF), following India's purchase of 200 tonnes of gold last week? Bullion analysts say China is set buy the remaining 203 tonnes of IMF gold. But China is not alo |
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Gold price peaks to Rs16,900 in India bullion market |
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Gold prices in India continue to peak. On Satruday, gold prices spiked to a new high of Rs 16,900 per 10 gram in the bullion market. Gold dealers said strong marriage season demand amid firmimg global trends are driving gold prices in India. |
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Sri Lanka shoring up gold reserves |
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The Gold Price in Euros peaked on Feb. 20th above €782 an ounce. "We have been fairly strong accumulators of Gold reserves over the past few months," said Sri Lankan central bank chief Ajith Nivard Cabraal to Reuters today in an interview from Chenna |
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