Brazil Looks To Finance Fuel Subsidies With Oil Auctions ...Middle East

Brazil is studying the possibility to finance a future fund to subsidize domestic fuel prices with part of the proceeds it expects to receive from an offshore oil auction later this year, a source with direct knowledge of the government’s plans told Reuters this week. Fuel prices and the hikes in those prices early this year became the bone of contention between Brazilian President Jair Bolsonaro and state oil firm Petrobras—a spat that ended with Bolsonaro ousting the chief executive of the Brazilian national oil company, Roberto Castello…

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