Brazil Seeks to Use Oil Windfall to Cut Fuel Taxes

Brazil is asking Congress to use additional revenues coming from oil to cut fuel taxes as an extra measure to minimize the impacts of the war in the Middle East, government ministers said during a press conference in Brasilia.

• The proposal includes the possibility of extending the exemption currently in place for diesel and biodiesel and a tax reduction on gasoline and ethanol
• If approved, the tax cut will be temporary, being reassessed every two months, said Planning minister Bruno Moretti
  • Subsidy to be in place only while the war in the Middle East continues
• Reducing 10 cents in gasoline ...