Biodiesel export duties to start at 19.11%

Biodiesel export duties will stand at 19.11 percent and will be updated every two weeks, Economy deputy minister Axel Kicillof announced. “The industry is mature and in conditions of competing without these special incentives,” he said. 

He also highlighted the fact that the promotion of the sector has been successful, due that "out of nothing we made this industry our main exporter.”

Thus, the duty drops five points from 24.2 percent, as President Cristina Fernández de Kirchner announced yesterday.

Kicillof also announced that the Government will set a 4 percent profitability margin to the biodiesel sector. According to studies, 70 percent of direct costs are represented by oil and distribution costs. Thus, the export duties changes will be based on the prices of biodiesel and oil.