Brazilian hydrous ethanol hits record high as Petrobras pushes gasoline prices higher

In Brazil, Platts reports hydrous ethanol hit a record high of more than $500 per cubic meter on February driven by a number of factors including another, this time unexpected, Petrobras gasoline price hike. Carnival holidays, despite the lack of Carnival activities, and students returning to classes were expected to be the main drivers of the demand increase that supported prices, but the Petrobras move that saw a 22% price hike over three weeks compounded the price drivers further.