Subsidy of R$0.44 for gasoline should be sufficient, says minister

The Minister of Planning and Budget, Bruno Moretti, stated this Friday (22) that a subsidy of R$0.44 on gasoline should be enough to cushion the fuel price shock, generated by the rise in the price of petroleum caused by the conflict in the Middle East.

The government announced last week that it would give a subsidy to gasoline producers and importers to alleviate the price on the domestic market. However, the value would still be defined by the Ministry of Finance.

In a press conference to present the Bimonthly Report on Primary Revenues and Expenses for the 2nd two months, the head of the MPO (Ministry of Planning and Budget) stated that the text of the regulations will be taken to President Luiz Inácio Lula da Silva (PT) next week.

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"On Monday we will take it to the president's order to make the regulations, publish the decree, and there is a decree from the Ministry of Finance that defines this limit, the decree is already being drawn up for Dario to sign, in the terms I mentioned here of R$ 0.44", said Moretti.

Remember the measure
Last week, the federal government issued an MP (provisional measure) allowing a gasoline subsidy of up to R$0.89 per liter to contain the rise in fuel prices.

The provisional measure also applies to diesel oil - which had taxation of R$ 0.35 in PIS and Cofins per liter suspended in March - and establishes that subsidies cannot exceed the ceiling of federal taxes levied on fuels.

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In this case of diesel, to maintain the exemption, the economic team chose to provide a new subsidy of R$0.35 from June 1st.

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Source: CNN