An increase in the number of active mills offering anhydrous ethanol in the state of Sao Paulo, Brazil's largest fuel market, has caused prices to fall 1.48% to Reais 1.2789/liter ($1.97/gallon) in the week ended Friday, agricultural research institute CEPEA/ESALQ said Tuesday.
This is the lowest price recorded since the reporting week ended May 4, according to data gathered by CEPEA/ESALQ, affiliated with the University of Sao Paulo.
"The decline is related to an increase in supply from mills that had been absent from spot trade in the past few weeks," CEPEA/ESALQ said on its website.
Meanwhile, hydrous ethanol stood at Reais 1.0560/liter, only 0.01% below the prior week.
