Gasoline price rises to R$ 0.33 after ICMS hike – 06/02/2023 – Market

A survey carried out by Panorama Veloe on Mobility Indicators indicates that the price of gasoline at Brazilian service stations rose to R$ 0.33 per liter, with the transfer of the ICMS increase after the new tax collection model came into effect.

The survey brings data from 30,000 gas stations in 14 states. The highest increase was verified in Pernambuco, followed by Rio Grande do Sul (R$ 0.29), Espírito Santo (R$ 0.18) and Roraima (R$ 0.15). In São Paulo, Minas Gerais, Santa Catarina and Bahia, the increase was R$ 0.09 per liter.

A partnership between the mobility and fleet management brand Veloe and Fipe (Fundação Instituto de Pesquisa Econômica), Panorama compared the price variation between Wednesday (31st) and Thursday (1st).

The new ICMS came into force this Thursday, with a single national rate of R$ 1.22 per liter. The value is R$ 0.20 higher than the average practiced by the states in the second half of May, according to consultant Dietmar Schupp, specialized in fuel taxation.

States that had a higher rate experienced a drop in prices. This is the case of Amazonas (R$ 0.06 per liter) and Piauí (R$ 0.03 per liter). In Tocantins, Alagoas and Rio Grande do Norte, the survey did not identify significant changes.

The increase interrupts a period of falling prices, the result of a cut of R$ 0.40 per liter promoted at Petrobras refineries on May 17, when the state-owned company started its new commercial policy, which abandons the concept of price parity import.

In addition to state taxes, the price of gasoline will be pressured again in early July, when the federal government is expected to return to full PIS/Cofins rates, which had been zeroed by Bolsonaro and partially resumed by Lula in March.

Finance Minister Fernando Haddad went so far as to say that Petrobras had withheld part of the cut to compensate for the tax increase, but he backtracked after the state company refused.