Brazil waives tariffs on imported LPG

The Brazilian Federal Revenue published a normative instruction this Wednesday (9) waiving PIS/PASEP and COFINS rates on imported domestic use 13-kg liquid petroleum gas (LPG) cylinders for domestic use.

The contribution rates to imports PIS/PASEP and COFINS levied on LPG in cylinders of up to 13 kg and intended for domestic use were reduced to zero, states the notice.

The measure comes into force amid soaring oil prices due to the conflict between Russia and Ukraine. Russia is the world’s largest exporter of oil and combined byproducts, with exports of around seven million barrels a day, or 7% of the global supply.

On Monday (7), prices reached the highest levels since 2008. Brent crude rose USD 5.1, or 4.3%, closing at USD 123.21 per barrel, and WTI escalated USD 3.72, or 3.2%, reaching USD 119.40.

A survey by the Brazilian National Agency of Petroleum, Natural Gas, and Biofuels (ANP) showed domestic LPG cylinders exceeded BRL 100 in all regions of Brazil, ranging from BRL 109.40 to 140 (about USD 21.50 to 27.50 at the current rate).

Source: ANBA – Brazil-Arab News Agency

To read the full original article, please go to:

https://anba.com.br/en/brazil-waives-tariffs-on-imported-lpg/

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