Brazil Southeastern ethanol, gasoline prices diverge on tax cuts

The Brazilian government has approved a bill capping the ICMS tax on fuels at 17%-18% and reduced the PIS and Cofins and CIDE taxes on gasoline and ethanol to Real 0/cu m. The bill capping the ICMS tax took effect June 27, and the revised PIS and Cofins and CIDE taxes took effect June 23. Hydrous ethanol has gradually lost…