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Lula Cuts Diesel Taxes, Implements Export Tax Amid Oil Crisis

3/13/2026

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Summary

Story summary

President Luiz Inácio Lula da Silva announced that the government will abolish diesel taxes and impose a 12% export tax on crude to offset losses from higher oil prices tied to the Middle East conflict.
The measures aim to reduce diesel prices by 0.64 reais per liter, aiding agriculture.
Finance Minister Fernando Haddad stressed the need for oversight to prevent price speculation, as Lula faces electoral pressure ahead of elections.

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Story summary

President Luiz Inácio Lula da Silva announced that the government will abolish diesel taxes and impose a 12% export tax on crude to offset losses from higher oil prices tied to the Middle East conflict.
The measures aim to reduce diesel prices by 0.64 reais per liter, aiding agriculture.
Finance Minister Fernando Haddad stressed the need for oversight to prevent price speculation, as Lula faces electoral pressure ahead of elections.