Brazil Cuts Fuel Tax to Offset Oil Price Surge as Iran War Rages - Bloomberg

Markets Facebook X LinkedIn Email Link Gift Expand A worker refuels a vehicle at a gas station in Sao Paulo. Photographer: Jonne Roriz/Bloomberg Facebook X LinkedIn Email Link Gift Gift this article Contact us: Provide news feedback or report an error Confidential tip? Send a tip to our reporters Site feedback: Take our Survey New Window Facebook X LinkedIn Email Link Gift By Beatriz Reis , Daniel Carvalho , and Martha Beck March 12, 2026 at 5:15 PM UTC Bookmark Save Brazil’s government is moving to shield consumers from surging oil prices worldwide by cutting federal taxes on the import and sale of fuels, while introducing a levy on crude oil exports to offset the revenue loss. Under a decree signed Thursday by President Luiz Inácio Lula da Silva , the federal tax, known as PIS/Cofins, was reduced to zero, as escalating conflict involving Iran stokes volatility in international energy markets and threatens to push domestic fuel costs higher.