In Brazil, fuel ethanol offtake in 2014 reached a record of 24.1 bln litres due to the improved competitiveness of hydrous ethanol pump prices against gasoline. Oil major Petrobras increased gasoline prices in November 2013 and November 2014, making ethanol prices more attractive. In addition, changes in fuel taxation also boosted ethanol economics and resulted in an upsurge in consumption across key fuel consuming states. On an energy basis, ethanol represented 38.1% of fuel consumption from Otto cycle vehicles in 2014, up from 37.4%. Anhydrous’ participation grew from 19.5% to 21% and hydrous’ participation fell from 17.9% to 17.1%.