No Fuel Tax Increase in Brazil

Brazilian President Michel Temer said the government has no plans to increase fuel taxes, a day after state-run oil company Petrobras announced a drop in fuel prices, CNBC reported. Friday’s price cut by Petroleo Brasileiro SA marked a significant shift following years in which politically driven pricing cost the company billions of dollars. Temer’s comments may dispel market speculation that the government would seek to increase the CIDE fuel tax as a way to make up for lost revenue.” The CIDE, no,” he told reporters during an official visit to India. “There are no plans at this moment for that.”