President Rafael Correa of Ecuador has issued a decree that orders the gradual national roll out of a 10pc ethanol blend in gasoline, using a price index published by Argus Americas Biofuels. The country is branding the ethanol-blend “Ecopais” and the goal is aimed at reducing the country’s growing high-octane gas imports that are blended with locally produced low-octane gas to make 87 octane and 92 octane.

“We are delighted that Ecuador has chosen to base its new ethanol mandate on Argus price assessments, in recognition of our clear methodology and benchmark status in global biofuels markets,” Argus Media Chairman and Chief Executive Adrian Binks said.

A number of Latin American countries have adopted Argus-related pricing in oil and energy markets. The Ecopais announcement follows last year’s decision by state-owned oil company PetroEcuador to price its crude exports against the ASCI benchmark — Argus’ volume-weighted average of US deepwater sour crude deals.

Pricing will be calculated based on the Argus ethanol price plus delivery costs from the U.S. Gulf coast to Ecuador plus a K factor of 18 cents per liter.