World Economy

Brazil Fuel Sales Fall

Brazil Fuel Sales FallBrazil Fuel Sales Fall

Brazil’s consumption of gasoline and diesel is falling as the country’s commodity-driven boom falls apart and the economy shrinks, Reuters reported. Gasoline sales grew at an average annual rate of nearly 7% between 2004 and 2014 while diesel use was up by more than 4% per year. Like many other commodity exporting economies, the revenue boom stimulated rapid growth in income and consumption at home, which in turn became an important source of extra commodity demand. Brazil’s gasoline sales went up from 400,000 barrels per day in 2004 to 765,000 barrels per day in 2014 according to government data.