Americas News
Petrobras Halts MGO and LSMGO Exports After Brazil Imposes 50% Diesel Export Tax
Brazilian state energy producer Petrobras has temporarily suspended export sales of MGO and LSMGO after Brazil's government introduced a 50% tax on diesel oil export amid a spike in global oil prices following the Middle East crisis.
The tax was enacted on March 12, according to a notice from Petrobras to customers on Thursday.
“In light of this new regulation, we hereby inform that all sales of MGO and LSMGO intended for export have been temporarily suspended until a full assessment of the impacts of this measure on our operations and commercial arrangements has been completed,” the company said.
Petrobras added that under its general terms and conditions for the sale and delivery of marine fuels, any applicable taxes or government charges are passed on to buyers.
As a result, the new export tax will be included in the final price for deals already agreed but not yet delivered.
If buyers do not accept the additional tax, Petrobras said the transaction may be cancelled provided the buyer formally notifies its account representative.
“Please note that this export tax does not apply to vessels operating under cabotage voyages, but other taxes will apply,” it said.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 1085.50 | 36.50 | 1779.50 | 100.00 |
| Rotterdam | 775.50 | 27.50 | 1133.00 | 5.50 |
| Houston | 716.50 | 31.50 | 1132.00 | 55.00 |
| Fujairah | 1052.50 | 34.50 | 1513.50 | 80.00 |
| Americas Average | 953.00 | 61.00 | 1268.50 | 46.00 |
| Global 20 Ports Average | 1005.00 | 45.00 | 1440.00 | 61.00 |
| Global 4 Ports Average | 907.50 | 32.50 | 1389.50 | 60.00 |
| Global Average Bunker Price | 979.00 | 58.50 | 1406.00 | 91.00 |
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