Brazil to slash fuel prices

In Brazil, a weak sugarcane harvest has hit the generation of ethanol hard, leading to a decrease in production. As a result, fuel prices have risen, forcing the government to amend the tax on fuel.

According to the government, the CIDE tax will be cut by $0.04 per litre (€0.03) for a total of three months. The three-month tax reduction will result in revenue’s being down by $48.6 million.