Business

Who will pay for Brazil’s subsidies to diesel?

diesel diesel prices biden
To please truckers, Brazil will slash diesel prices. Photo: ABr
diesel prices
To please truckers, Brazil will slash diesel prices.

After Brazilian truckers staged a 10-day strike and drove the country into chaos, the federal administration has agreed to lower diesel prices through subsidies, as Petrobras’s pricing policy will remain – at least for now. President Michel Temer announced a BRL 0.46/liter reduction, which will cost at least BRL 9.6 billion in this year’s budget.

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