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Financial News: BRAZIL: Diesel Oil Measures To Require R$3.8 Billion

BRAZIL: Diesel Oil Measures To Require R$3.8 Billion Spending Cut - Minister

05/28/2018 - 18:36:00 (RTTNews)

(RTTNews) - The Brazilian Finance Minister, Eduardo Guardia, said that federal government measures to cut diesel oil prices, in response to demands from truck drivers, will require a R$ 3.8 billion spending cut this year.

The Brazilian President, Michel Temer, promised that diesel oil prices would drop by R$ 0.46 per liter. Guardia said that R$ 0.30 of that reduction would come from federal government subsidies, generating a R$ 9.5 billion cost until the end of this year.

The minister added that the federal budget has R$ 5.7 billion in funds available to cover that expense. "The other R$ 3.8 billion would come from spending cuts so that the government's fiscal target is not compromised."

The remaining price reduction, of R$ 0.16 per liter, would come from lower federal taxes on diesel oil and would be offset by the end of a payroll tax relief.

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