May 22, 2018 / 7:39 PM / a year ago

Brazil to lower fuel prices with tax policy -House speaker

SAO PAULO, May 22 (Reuters) - Brazil’s government and congressional leaders have reached a deal to use tax policy to reduce fuel prices, Rodrigo Maia, the speaker of the lower house of Congress, said on Tuesday via his verified Twitter account.

Maia said he and Senate President Eunício Oliveira had agreed with government officials, including Finance Minister Eduardo Guardia, to cut the CIDE tax and use additional payroll tax revenues to help bring down pump prices that have surged nearly 50 percent in less than a year.

Shares of state-controlled oil company Petroleo Brasileiro SA rebounded from earlier losses on the news, as the move eased investor concerns that the government would pressure the state company to cut prices. (Reporting by Eduardo Simões Editing by Tom Brown)

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