Oil export tax could reduce prices, says former Petrobras director

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In an interview with CNN this Saturday (28), economist and former director of Petrobras Ildo Sauer said that a “tax on exports of oil and derivatives” could serve as an alternative to reduce fuel prices in Brazil.

According to the economist, the tax could be used “to make a fund”, offsetting the value at the pump.

“In this case, even with the current parity legislation, if you have an export price, the reference falls directly in this proportion. If the oil is US$ 100 and the tax is 40%, the reference with which the oil enters the Brazilian refinery will be US$ 60. Therefore, there will be a reduction in the basis of the price of the derivatives that will go out to the market. This affects the entire chain, including ICMS”, he explained.

That would be a short-term solution, according to the expert. For the long term, he mentions that the legislation created in 1997 – where it was established that energy prices in Brazil must be competitive and that Petrobras must act in a competitive manner – should be changed.

Sauer also classifies the changes in the presidency of Petrobras as something negative and views “with concern” what he classifies as “interference” in the state company.

See more in the video above.

Source: CNN Brasil

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