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Fuel Policy

Legislative and regulatory rules for Brazil's fuel market, including commercialization and taxation.

16articles
28material mentions
11connections
11
OrganizationPetrobras6 shared articles ↗AssetOil5 shared articles ↗OrganizationVibra Energia3 shared articles ↗MacroInflation2 shared articles ↗OrganizationAssaí1 shared article ↗ThemeGeopolitical risk1 shared article ↗MacroPublic Debt1 shared article ↗AssetPETR41 shared article ↗SectorBrazilian banks1 shared article ↗OrganizationPetroReconcavo1 shared article ↗OrganizationBrava Energia1 shared article ↗

Last 90 days

What sources are saying

On August 12 the Chamber of Deputies passed the fuel bill with provisions unrelated to its subject granting tax exemptions to other sectors; the text moves to the next legislative stages.

Updated September 25, 2026 · 16 verified articles

Market transmission

Why it matters

Changes to the fuel framework affect distributor and refining margins, tax revenue and, through exemptions, the fiscal risk premium in the yield curve.

Explanatory mechanism, not a forecast or recommendation.

Articles in chronological order

16
MACROBrazil

Government is likely to keep the R$ 2.12 per liter diesel subsidy for another 30 days, says Moretti

Planning and Budget Minister Bruno Moretti said on September 24 that the government is inclined to keep the R$ 2.12 per liter diesel subsidy, which would expire this week, for another 30 days. The final decision depends on President Lula. The subsidy has two parts: R$ 1.12 per liter, set in a provisional measure that expires on September 26, and R$ 1 per liter announced early in the month, and the combined fuel measures cost about R$ 7 billion a month.

5 sourcesSep 24, 2026
MACROBrazil

Operation Crédito Oculto, an offshoot of Carbono Oculto, targets a money laundering scheme in the purchase of a fuel distributor

The Federal Revenue Service, the Gaeco prosecutors unit and the São Paulo Finance Department launched Operation Crédito Oculto on September 24, an offshoot of Carbono Oculto, with 32 warrants against 13 individuals and 19 companies in seven states. The investigation points to money laundering structures using investment funds, fintechs and shell companies to finance the purchase of a fuel distributor and conceal a sugar and ethanol mill; according to the Revenue Service, a traditional bank was used in a linked transaction. According to Bloomberg Línea, Banco Genial was among the targets.

2 sourcesSep 24, 2026
MACROBrazil

ANP imposes more than R$ 200 million in fines on fuel distributors for abusive price increases

The National Petroleum Agency said on September 23 that it imposed more than R$ 200 million in fines on fuel distributors for abusive price increases while provisional measures 1,340 and 1,349 were in force, between March and April. According to the agency, gross margins at some companies rose more than 1,350%. The decisions are first-instance administrative rulings and can be appealed; the action is coordinated with Senacon and consumer protection agencies.

4 sourcesSep 23, 2026
MACROBrazil

Consumer secretariat opens 70 proceedings against 12 fuel companies over price increases without just cause, with fines of up to R$ 14 million

The National Consumer Secretariat (Senacon), under the Justice Ministry, opened 70 administrative proceedings, published in the Official Gazette of September 21, over signs of fuel price increases without just cause, based on the Consumer Defense Code. Among the 12 targeted companies are the distributors Vibra, Ipiranga and Ale, plus gas stations; fines can reach R$ 14 million per company. The ANP had forwarded about 330 complaints. Agência Brasil emphasizes stations in RJ, ES, SP and PR with margin increases above 70% and a 15-day deadline for defense; Gazeta do Povo cites seven states and 20 days.

3 sourcesSep 21, 2026
MACROGlobal

Ukraine launches its largest drone attack on Moscow, hits the capital's refinery and leaves deaths on the last day of the Russian election

Between September 19 and 20 Ukraine launched the largest drone attack ever recorded on the Moscow region. Mayor Sergei Sobyanin said 450 drones aimed at the capital were shot down, and Russia says it downed more than 1,600 since Saturday. The Moscow refinery, which processed 11.6 million tonnes of oil in 2024, was hit and caught fire; a residential building was damaged and 400 people were evacuated. Coverage reports two to three deaths in the region. The attack came on the last day of Russia's parliamentary election and despite the deal announced by Trump on not striking energy infrastructure.

4 sourcesSep 20, 2026
MACROGlobal

Houthis strike an Aramco facility in Yanbu and targets in Riyadh; Saudi Arabia suspends shipments at the port

Yemen's Houthis said on September 19 they had attacked a Saudi Aramco facility in Yanbu, on the Red Sea, and targets in Riyadh with ballistic missiles, cruise missiles and drones; the capital's Civil Defense issued its first air alerts since the recent escalation and explosions were reported near the airport. Saudi Arabia suspended shipments at the port of Yanbu, the outlet of the East-West pipeline, which moves about 4 million barrels a day. Brent closed Friday at US$ 104.87.

3 sourcesSep 19, 2026
CORPORATEBrazil

Vibra signs a R$ 1.28 billion ethanol supply contract with Inpasa through 2029, a related-party deal

Vibra Energia disclosed a contract with Inpasa Agroindustrial to supply ethanol, with an estimated value of R$ 1.28 billion and a term through 2029. It is a related-party transaction because Inpasa CEO Éder Odvar Lopes sits on Vibra's board; the company says the terms are arm's length and in line with the market. Coverage differs on details: CNN Brasil describes anhydrous ethanol, signed September 15, running from June 1, 2026 to May 31, 2029; Money Times describes hydrous ethanol, signed September 10, running from September 1, 2026 to August 31, 2029.

2 sourcesSep 18, 2026
CORPORATEBrazil

Assaí enters fuel retail buying 18 gas stations at São Paulo stores for up to R$ 80 million

Assaí (Sendas Distribuidora) signed a contract with Centro de Conveniências Millennium to buy 18 gas stations located at its São Paulo state stores for up to R$ 80 million: R$ 40 million after Cade approval, R$ 35 million at closing and R$ 5 million in earn-out. Operations transfer to the chain from July 31, 2027, and the target is a network of more than 100 stations.

4 sourcesSep 18, 2026
MACROGlobal

Oil falls for a third session, with Brent below US$ 103, on signs of Saudi supply recovering

Brent closed down 0.95% on September 17 at US$ 104.82 and was down a further 2.5% on the morning of September 18 at US$ 102.20, a third straight session of losses. Saudi Arabia began offering more cargoes to Asian refiners through ship to ship transfers in Oman and seeks to restore half the capacity of the East-West pipeline, which eased fears of shortages after the Houthi attacks.

3 sourcesSep 17, 2026
CORPORATEBrazil

Petrobras raises diesel by R$ 1 a litre to distributors and a new 30 day subsidy cancels the increase

Petrobras will raise the average price of diesel sold to distributors by R$ 1 a litre from September 17, but joined the new federal subsidy of R$ 1 a litre, valid for 30 days, which fully offsets the increase. The selling price to distributors is unchanged and the state company receives the subsidy. Update: on September 18 the board formally approved adhesion to the MP 1,391 subsidy, and the company said it received R$ 448 million from the gasoline subsidy, with R$ 9.9 billion accumulated under the programs.

5 sourcesSep 17, 2026
CORPORATEBrazil

Petrobras receives R$ 2.57 billion in diesel subsidy instalments and totals R$ 9.5 billion across the programmes

Petrobras said in a September 12 statement that it received R$ 2.57 billion from the Economic Subsidy Programme for diesel sales, R$ 643.8 million for sales from June 1 to 15 under Provisional Measure 1,358 and R$ 1.92 billion for sales from June 16 to 30 under Provisional Measure 1,363; with these instalments, the amount the company has received across the diesel, gasoline and LPG subsidy programmes reaches about R$ 9.5 billion, per InfoMoney and Reuters via Money Times.

4 sourcesSep 12, 2026
EMPRESASBrazil

Petrobras scraps a gasoline price hike hours after announcing it, as the government widens the tax cut to R$ 0.63

On the night of September 9 Petrobras announced the end of a R$ 0.44-per-litre discount on gasoline A plus an extra R$ 0.19 increase, taking the price to distributors to R$ 3.24; in the early hours of September 10 it backtracked, limiting the increase to the end of the subsidy, at R$ 3.05, after the government widened the federal tax cut from R$ 0.44 to R$ 0.63 per litre. Itaú BBA and Bradesco BBI flagged a governance warning less than a month before the election.

5 sourcesSep 10, 2026
MACROBrazil

Government cuts R$ 0.63 of PIS/Cofins on gasoline, zeroes ethanol taxes and creates a R$ 1 diesel subsidy, at R$ 7bn a month

With Brent above US$ 100, Lula signed on September 9 a decree cutting PIS/Pasep and Cofins on gasoline by R$ 0.63 a litre and zeroing hydrous ethanol rates, plus provisional measure 1,389 opening R$ 6.6 billion in extraordinary credit to subsidise diesel by R$ 1 a litre; the cost is R$ 7 billion a month. Petrobras dropped its R$ 0.44 discount and raised gasoline by R$ 0.19 from September 10, with no effect at the pump.

11 sourcesSep 09, 2026
MACROBrazil

ANP approves 24 blocks in the Potiguar Basin, including the area where a farmer found oil in Ceará

ANP's board approved on September 4 the nomination of 24 onshore exploratory blocks in the Potiguar Basin for future Permanent Offer cycles, per the agency itself, Estadão and InfoMoney. Among them is block POT-T-551, covering Tabuleiro do Norte in Ceará, where a farmer drilling a water well found a fluid confirmed as oil by ANP's research center. The blocks enter offer only after the 6th cycle, set for October 7, and after environmental analysis and a joint MME and MMA opinion.

3 sourcesSep 04, 2026