Brazilian authorities extend fuel price subsidy measures ahead of elections

In order to continue providing price protection for consumers before the first round of the presidential election on October 4, the Brazilian government has extended the policy specifically aimed at curbing rising fuel prices. The Brazilian Ministry of Finance announced a decree clarifying that the diesel subsidy of 2.12 reais per liter (approximately $0.41) — originally set to expire this Saturday — will be extended for at least another 30 days based on the temporary measure that took effect on May 30. According to a statement released by the Ministry of Finance on Friday, this extension does not change the specific amount of the subsidy. Earlier this month, Brazilian President Lula announced a further reduction in taxes and fees related to fuel, aiming to protect consumers from significant oil price increases caused by the conflict between the US and Iran. These consumer-friendly measures also include a reduction in the tax rates for gasoline and ethanol.