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The government's implementation of the Renewable Fuel Transport Obligation (RFTO) - which obliges distributors to source 2.5% of their needs from biofuels or face a 15p-a-litre duty - has not resulted in an improvement in the company's margins as had been hoped.
Sean Sutcliffe, chief executive of the Biofuels Corporation, said recently: "The RFTO is important, but not half as important as sorting out the subsidy issue.
Producers have called for an increase in the tax break under the Government's Renewable Fuel Transport Obligation (RFTO) which aims to lift the use of alternative fuels use to 5% by 2010.
Sean Sutcliffe, of The Biofuels Corporation, which faced similar problems to D1 Oils last year, but has so far refused to budge, said: "The RFTO is important, but not half as important as sorting out the subsidy issue."
Biofuels Corporation chief executive Sean Sutcliffe yesterday said the Government's impending Renewable Fuels Transport Obligation (RFTO) might not be enough to salvage the industry.
Mr Sutcliffe conceded the company could need more cash, should margins not recover ahead of the Government's Renewable Fuels Transport Obligation (RFTO) which comes into force next April.
Industry representatives are due to meet financial secretary to the Treasury John Heale today to lobby for a doubling of the 15p-a-litre duty on oil company sales under the Renewable Fuels Transport Obligation (RFTO).
Under the RFTO, fuel distributors are to source 2.5% from renewables by April 2008, rising to 5% by 2010, or face a 15p-a-litre penalty, rising to 30p-a-litre.
Mr Sutcliffe said: "When the RFTO comes in April next year it should give enough margin to incentivise us to [run our plant] at full capacity.
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