RFS mandates oil refiners and oil importers and exporters to blend certain amount of new and renewable energy fuel into their transportation fuels. Mandatory RFS: The 2nd Medium and Long-Term Biodiesel Promotion Plan was established in 2010 and the oil tax exemption ended in 2011. It has become mandatory to mix biodiesel for 2~5% of the total transportation fuel since 2012 under the Notification on Quality of Diesel of Petroleum and Petroleum Substitute Fuel Business Act (Dec 30, 2011).
Target
- 3% biodiesel blending by 2020