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Brazil Launches Fuel Subsidy Amid Middle East-Driven Price Shock
(MENAFN) The Brazilian government announced Wednesday it will move swiftly to introduce a fuel subsidy aimed at easing the price pressures stemming from the ongoing Middle East conflict, with the measure set to initially cover gasoline before potentially being extended to diesel at a later stage.
Authorities noted that gasoline has remained outside the scope of any subsidies or tax relief measures introduced since the conflict erupted. Diesel could be brought under the new program once an existing subsidy scheme runs its course, the government said.
The subsidy will be channeled directly to producers and importers through the National Agency for Petroleum, Natural Gas and Biofuels, and will be capped at the level of federal fuel taxes, according to the government.
Brazilian Mines and Energy Minister Alexandre Silveira urged fuel distributors and gas station operators not to delay passing the relief on to end consumers. "I call on distributors and gas stations to speed up the implementation of federal measures," he said.
Planning and Budget Minister Bruno Moretti sought to reassure markets, stating the subsidies would be drawn from the federal budget while remaining fiscally neutral and imposing no added strain on public finances.
Authorities noted that gasoline has remained outside the scope of any subsidies or tax relief measures introduced since the conflict erupted. Diesel could be brought under the new program once an existing subsidy scheme runs its course, the government said.
The subsidy will be channeled directly to producers and importers through the National Agency for Petroleum, Natural Gas and Biofuels, and will be capped at the level of federal fuel taxes, according to the government.
Brazilian Mines and Energy Minister Alexandre Silveira urged fuel distributors and gas station operators not to delay passing the relief on to end consumers. "I call on distributors and gas stations to speed up the implementation of federal measures," he said.
Planning and Budget Minister Bruno Moretti sought to reassure markets, stating the subsidies would be drawn from the federal budget while remaining fiscally neutral and imposing no added strain on public finances.
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