LatinNews Daily - 10 September 2026

*Brazil’s President Luiz Inácio Lula da Silva has decreed various measures aimed at addressing the rise in fuel prices resulting from the conflict in the Middle East. Yesterday Lula signed a decree to temporarily reduce the PIS/Paesp and Cofins taxes on gasoline by R$0.63 (US$0.12) per litre from 10 September-5 October, as well as temporarily eliminating federal taxes on ethanol fuel, which the government states will result in a tax reduction of R$0.19 per litre. In addition to the decree, Lula also signed a ‘medida provisória’ (MP), a special type of decree that can be turned into a permanent measure by congress, to provide subsidies of R$1.00 per litre for diesel producers and importers. With oil prices rising above US$100 per barrel, Lula’s latest measures mark a continuation of similar responses to previous fuel price spikes earlier this year.