10 Jun 22
News

Brazil govt seeks to lower fuel prices nationwide

Brazil govt seeks to lower fuel prices nationwide

A constitutional amendment proposal in Brazil seeking some 29.6 billion reais (US$6bn) in funding to help cut the ICMS goods and services circulation tax on fuels and energy could certainly bring down the costs of operating fleets throughout the country. 

The proposal, which follows a related fuel tax law being discussed in congress, seeks to cut or eliminate ICMS tax on fuels (gasoline, diesel, ethanol) as well as natural gas this year. 

According to local experts, it could reduce the price of gasoline and ethanol by approximately 20% and the price of diesel by some 12%.

Authored by: Daniel Bland