Bolsonaro Gets a Step Closer to Controlling Brazil’s Fuel Prices
- Senate panel advances bill for fuel price band, export taxes
- The opposition and government have shown support for bill
Jair Bolsonaro
Photographer: Andressa Anholete/BloombergThis article is for subscribers only.
President Jair Bolsonaro is getting closer to having a role in making gasoline and diesel less expensive for Brazilian drivers after a key senate panel advanced a bill that aims to stabilize fuel prices.
The Senate Committee on Economic Affairs on Tuesday approved proposed legislation that would allow the government to establish price bands for fuel, and to tax oil exports progressively -- with levies getting higher, the higher the price of crude -- to protect domestic supplies. The bill also calls for a stabilization fund to help reduce price volatility.