The federal government announced the reduction to zero of PIS and Cofins rates on diesel as a way to contain the rise in fuel prices in the country. The measure seeks to reduce the impact of the volatility of international oil prices on the value of diesel in the Brazilian market.
The announcement was made by members of the government in a press conference that included the participation of ministers Rui Costa (Civil House), Wellington César Lima e Silva (Justice and Public Security), Fernando Haddad (Finance) and Alexandre Silveira (Mines and Energy).
The decision comes amid rising oil prices on the international market. The barrel once again surpassed 100 dollars, reflecting tensions in the Middle East and recent attacks on oil tankers near the Strait of Hormuz, a strategic route through which around 20% of the oil transported in the world passes. Since the beginning of the conflict involving Iran, the commodity has risen and reached close to 120 dollars per barrel at the beginning of the week.
Although Brazil is an exporter of crude oil, the country still depends on the import of part of its derivatives, mainly diesel. Even so, the participation of Persian Gulf countries as suppliers of Brazilian imports of derivatives is considered relatively small.
