TECHNOLOGY FOCUS - ORGANIC CHEMISTRY - Preferred Components: The crude glycerol comprises 60-99 wt./wt.% of glycerol, 0-2 wt./wt.% ash, 0-40 wt./wt.% water and 0-2 wt./wt.% organic residue. The components in the biofuel formulation are in the following mass ratios: component A (10-90 wt./wt.%), component B (10-90 wt./wt.%), component C (0-80 wt./wt.%) and component D (0-80 wt./wt.%) in respect of the whole composition; or component A (50-90 wt./wt.%), component B (10-50 wt./wt.%), component C (0-40 wt./wt.%) and component D (0-40 wt./wt.%) in respect of the whole composition. The components in the biofuel formulation are in the following mass ratios: component A (70-90 wt./wt.%), component B (10-30 wt./wt.%), component C (0-20 wt./wt.%), component D (0-20 wt./wt.%) in respect of the whole composition. Preferred Formulation: The biofuel formulation further comprises at least one additive selected from antioxidants, biocides, chelating agents, detergents, dispersants, solvents, corrosion inhibitors and oxide inhibitors. Preferred Method: The temperature of the process is 20 degrees C to 60 degrees C (preferably at around 40 degrees C). The process further involves pre-treatment step including filtration and optionally desalting and water evaporation. EXAMPLE - Crude glycerol containing 2% organic residue and 7% ash content was heated at 60 degrees C, filtered and added to a mixing vessel. Subsequently, glycerol formal with water content lower than 5% was added. Finally, fatty acid glycerol formal ester and fatty acid methyl ester were added and the mixture was stirred at 380 rpm for 30 minutes with a mechanical stirrer to form biofuel formulation (test). Control composition comprising pure crude glycerol with 72% glycerol content was prepared. In order to evaluate the burning properties of the test/control biofuel formulations, several experiments were conducted in laboratory air burners operated at ambient pressure. The biofuels under evaluation were pre-heated at 100 degrees C. About 50 g of the biofuels under evaluation were added to a stainless steel burner. The biofuels was pre-heated at 100 degrees C avoiding any loss of their constituents. The burner was ignited with a flame lighter. The experiments measured the capacity to light the burner and a continuous and regular burning of the fuel until completion. It was observed that the burning properties of crude glycerol were greatly improved with the addition of glycerol formal in test as compared to control formulation.