Global energy and commodity price reporting agency Argus has launched new price assessments for renewable diesel in Europe.

As countries seek to transition away from fossil fuels, hydrotreated vegetable oil (HVO) is becoming increasingly popular as a renewable alternative to traditional petroleum diesel. It can be blended into the existing petroleum diesel pool and is an important part of meeting the requirements set by the EU Renewable Energy Directive legislation to increase the share of renewables in the transport fuel pool by 2030.

The new Argus prices for northwest Europe cover three different groups of feedstocks: food and feed crops; used cooking oil/palm oil mill effluent; and tallow. These price assessments are published weekly in the Argus Biofuels report, with real-time market pricing available directly on Argus’ price discovery platform, Argus Open Markets (AOM).

Argus Media chairman and chief executive Adrian Binks said: “We have worked with the industry to develop these new prices, which will help shed light on this increasingly important part of the transport fuel pool.”