May 28, 2018 / 11:57 AM / a year ago

Petrobras proposes variable tax rates to stabilize fuel prices - report

SAO PAULO, May 28 (Reuters) - Brazil´s state-controlled oil company Petroleo Brasileiro SA has proposed to the government that taxes over fuel become variable, to reduce price changes to consumers, the Valor Econômico newspaper reported on Monday.

Federal taxes account for 0.46 per real, or 46 cents, in the total price of a liter of diesel. If the base price of diesel in the refineries rose by 10 cents per liter, for example, the federal tax would be reduced to 36 cents and the price to consumers would not change.

If the base price fell by 10 cents, the taxes would rise to 56 cents.

Brazilian President Michel Temer announced new measures late Sunday to reduce operating costs for truckers in a bid to end a week-long protest that has severely hampered the flow of food, fuel and key exports in Latin America’s largest economy. Truckers are protesting high diesel prices.

Petrobras would change fuel prices everyday in refineries, the paper said. Petrobras did not immediately comment on the report. (Reporting by Tatiana Bautzer Editing by Jeffrey Benkoe)

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