PIS/Cofins rate will return to full; reduction in Petrobras' price should prevent an effective increase in stations
The government fully resumes this Monday (1st January 2024) the collection of federal taxes on diesel oil. The PIS/Cofins rate will be R$0.35 per liter of fuel. This is a tax increase of R$0.22 per liter. The value was R$0.13 until Sunday (Dec 31, 2023).
The re-encumbrance was confirmed by the Minister of Finance, Fernando Haddad, on December 26th. He stated that the price cut announced by Petrobras it must compensate or even lower the value at the stations. The state-owned company applied a reduction of R$0.30 on the product sold at the refinery on December 27th.
“[Essa redução] more than compensates for the January 1st re-encumbrance”said Haddad, saying there is no reason for the price to rise with the return of federal taxes. “On the contrary: there should be a small reduction [do preço final]“.
Until the week ended, December 23rd, therefore, before Petrobras' negative adjustment, the average price of diesel in the country was R$5.88, according to the most recent survey by ANP (National Agency for Petroleum, Natural Gas and Biofuels).
The rates on diesel were reset in March 2021, under the government of Jair Bolsonaro (PL). They were renewed successively. The last extension was on January 1, 2023, being one of the first acts of the president's new term Luiz Inácio Lula da Silva (PT), and would be valid for 1 year.
The government, however, resumed the collection in September 2023, but in a partial and staggered manner. The advance was made to fund the program that gave discounts on the purchase of new vehicles. In September, the rate was R$0.11 per liter and, since October, it was R$0.13.
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