Brazil will scrap part of its diesel subsidy from July, Finance Minister Dario Durigan said on Tuesday, cutting a support worth 0.35 reais ($0.068) per liter, while keeping other diesel and gasoline subsidies in place as oil prices ease.
Speaking at a press conference, Durigan said Brent crude remains above pre-war levels but has fallen significantly from peak levels, creating room for the move. He said the government had pledged not to keep fuel prices artificially low, but only to cushion the inflationary impact of the conflict.
($1 = 5.1667 reais)