From Seattletimes · · 1m 10s
Brazil Lula Cuts Fuel Prices Ahead of Runoff Vote
Brazil's Lula government cuts fuel prices two weeks before presidential runoff against Bolsonaro.
In brief
Brazil's Lula government cuts fuel prices two weeks before presidential runoff against Bolsonaro. Brazil's Lula government lowers fuel prices with tax cuts and subsidies ahead of Oct 25 runoff vote against Bolsonaro. Originally reported by Seattletimes.
Brazil Lula Government Announces Fuel Cuts
Brazilian President Luiz Inácio Lula da Silva's government announced new fuel tax cuts and extended subsidies to lower fuel prices two weeks before a presidential runoff vote.
Runoff Vote Date Approaches
Voters will decide on October 25 whether to elect Sen. Flávio Bolsonaro or grant Lula a fourth nonconsecutive term.
New Fuel Tax Measures Effective Friday
A new decree eliminates federal taxes on gasoline imports and sales for 30 days, extending ethanol tax exemptions and increasing diesel subsidies.
Diesel Subsidy Details
Importers receive 1.40 reais ($0.28) per liter for diesel for 30 days, in addition to the existing 2.12 reais ($0.42) per liter subsidy.
Government Justifies Fuel Cuts
The government claims the measures ensure fuel imports remain economically viable amid rising international oil prices since the Iran war began.
The takeaway
Brazil's Lula government lowers fuel prices with tax cuts and subsidies ahead of Oct 25 runoff vote against Bolsonaro.
