Brazil Cuts Fuel Tax as Prices Rise: Daily

By Sarah de Sainte Croix, Senior Contributing Reporter

RIO DE JANEIRO, BRAZIL – Yesterday the Ministry of Finance announced plans for a reduction in taxes levied on fuel after Petrobras released a statement saying that they would be raising the prices of gasoline and diesel oil at the refinery by 10 and 2 percent respectively from November 1st.

As of the beginning of next month the fuel tax known as CIDE will be reduced from R$0.192 per liter of gasoline to R$0.091 per liter – a reduction of almost 53 percent.

For diesel oil, the same tax will . . .

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