Subsequently, the pricing formula of biofuel ethanol has been revised. The reference price of bioethanol for fuel uses, as approved by The National Energy Policy Committee, Ministry of Energy, has taken into account for the cost of raw materials and produced quantities of fuel ethanol from both feedstocks, i.e. molasses and cassava, using the conversion ratios of 4.17 kg molasses (at 50Brix) and 2.63 kg cassava chips (with starch content > 65%) for 1L of anhydrous ethanol. In addition, the structure of ethanol reference prices includes the production costs of each feedstock, which are 6.125 and 7.107 Baht/L for molasses and cassava, respectively. This monthly-announced ethanol reference price reflects the actual cost of local ethanol producers.