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

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000War With Iran:A worker refuels a vehicle at a gas station in Sao Paulo.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.