Breaking News
Investing Pro 0
🚨 Our Pro Data Reveals the True Winner of Earnings Season Access Data

Brazil Senate president indicates voting on proposals to lower fuel prices as oil climbs

Economic Indicators Mar 02, 2022 05:12PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. Senator Rodrigo Pacheco speaks during a senate session to elect the president of the Brazilian Senate in Brasilia, Brazil February 1, 2021. REUTERS/Adriano Machado
 
TWTR
+0.00%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

BRASILIA (Reuters) - Brazilian Senate president Rodrigo Pacheco said on Wednesday that bills to curb rising fuel prices would be on the table next week amid renewed pressure on prices after Russia's invasion of Ukraine.

"More than ever, in the face of rising oil prices, we need to take steps to stop fuel prices from going up," he wrote on Twitter (NYSE:TWTR), as crude prices surged past $110 a barrel.

One of the projects mentioned by Pacheco creates a stabilization fund for fuel prices, while the other changes the ICMS state tax calculation rules. According to the head of the upper chamber, both will be "on the Senate agenda" next week.

The sharp rise in fuel prices has contributed to double-digit inflation in Latin America's largest economy. President Jair Bolsonaro, who seeks to boost his popularity ahead of elections in October, has already signaled support for proposals to cut taxes on fuels.

Economy Minister Paulo Guedes is firmly against the stabilization fund, but favors changes to the ICMS calculation. He has argued that measures could backfire if they weaken the real currency, which would push up imported products, inflation and interest.

In command of one of the most aggressive monetary tightening policies in the world, the Brazilian central bank has also said that short-term measures to tackle inflation could put upward pressure on prices over the longer term.

Brazil Senate president indicates voting on proposals to lower fuel prices as oil climbs
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your investing.com profile, will be public on investing.com and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email