Brazilian Mining and Energy Minister Edison Lobao said he ordered state-run oil producer Petroleo Brasileiro SA to boost ethanol output and stockpiles to ensure supplies after the biofuel’s priced soared.
Petrobras will raise production and build up enough stockpiles in two years to help the government keep prices and supply in check, Lobao said in a program broadcast live on TV and radio today. The government increased financing to ethanol and may propose the fuel, which is made from sugar cane in Brazil, be regulated by the National Petroleum Agency, he said.
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