Brazil's government has begun dismantling the emergency fuel subsidies it improvised in March, when war between the US, Israel and Iran sent crude climbing and reached the pump in an election year.
Diesel goes first. Finance Minister Dario Durigan said a subsidy of BRL 0.35 per liter — about BRL 1.7 billion (USD 329.4m) a month — lapses today, with more reversals to come. He added that the government is reviewing a separate BRL 1.12 diesel subsidy and the BRL 0.44 per liter subsidy on gasoline.
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