Brazil- Gasoline taxes increase
The Finance Minister announced an increase in the PIS/Cofins and Cide taxes on fuel, O Globo reports. He believes the impact on prices at the refinery will be R$0.22 per liter for gasoline and R$0.15 for diesel as from February 1. He added that the increase on the PIS/Cofins will take immediate effect, while the increase on Cide will take effect in 90 days. "In three months’ time [when Cide increase takes effect], we plan to reduce PIS/Cofins”, he said.