With state-level VAT cap on fuels, gasoline price in Brazil would drop to R$5.56 -senator

Diesel would drop from R$6.88 to R$6.12; calculations by Fernando Bezerra, rapporteur of the governments ICMS Fuel Limitation Project.

RIO DE JANEIRO, BRAZIL - Calculations by Senator Fernando Bezerra Coelho (MDB-PE), rapporteur of Bolsonaro's state-level VAT cap project (ICMS on Fuels, Electricity, Transportation, and Telecommunications), show that gasoline and diesel prices would drop significantly if the proposal is approved.

  • Reduction of R$0.76 in the price of diesel, from R$6.88 to R$6.12 (US$1.25) per liter;
  • The price of gasoline would decrease by R$1.65, from R$7.21 to R$5.56 (US$1.13) per liter.

The averages are based on the . . .

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