Fuel Subsidy Extended for 30 Days in Brazil Amid Rising Oil Prices

Deep News07-24 08:10

Brazil's Finance Ministry announced on Thursday that, due to escalating conflict in the Middle East driving up international oil prices, the government has decided to extend its gasoline subsidy policy of 0.44 reais per liter.

The Finance Ministry stated the gasoline subsidy, which was originally set to expire on July 25, will now be extended for 30 days starting from July 26.

Finance Minister Dario Durigan said in an interview that the funding for this subsidy extension will come from increased government revenue generated by higher oil prices, such as oil royalties.

Sources reported to the media last week that the Brazilian government had already been planning to extend subsidies for both gasoline and diesel.

At the end of June, as tensions in the Middle East eased and oil prices fell, the Brazilian government cut some diesel subsidies. However, the downward trend in oil prices did not last.

The current diesel subsidy of 1.12 reais per liter remains in effect.

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