Brazil to appeal court ruling suspending oil export tax, says minister

Brazil’s government will appeal ​a court ruling that suspended an oil ‌export tax for some companies, Mines and Energy Minister Alexandre Silveira told Reuters on March 9th.

Earlier ​this week, a court decision said ​a 12% tax enacted about a ⁠month ago, as oil prices spiked ​due to the U.S.-Israeli war on Iran, ​might be unconstitutional. A definitive ruling is still pending.

The court exempted TotalEnergies, Repsol Sinopec, Galp’s Petrogal, ​Shell, and Equinor from a tax ​on crude oil exports. Brazil’s state‑run oil firm Petrobras, ‌the ⁠country’s largest oil exporter, is not affected by the ruling.

“Naturally, we will appeal this decision,” Silveira said.

The 12% levy was ​imposed by ​President ⁠Luiz Inácio Lula da Silva’s government as part of a package ​aimed at cushioning the impact ​on ⁠Brazilian consumers of a sharp rise in international oil and fuel prices triggered by ⁠the ​war in the Middle ​East.

Reporting by Rodrigo Viga Gaier for Reuters

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