Petrobras Price Hikes Matched by Brazil Govt. Fuel-Tax Cuts

摘要

Petroleo Brasileiro (Petrobras) announced a 10% hike in gasoline and 2% hike in diesel wholesale prices October 28, but the Brazilian government matched the price hikes with identical fuel-tax cuts. "The prices of gasoline and diesel to which the adjust-ment applies do not include federal taxes (CIDE, PIS/Cofins) and state taxes (ICMS)," according to Petrobras.