On Tuesday (05/09), two very important events took place. These events will have a significant impact on our market. This impact will be felt in several areas, especially in the diesel and oil sector. These sectors are essential for the movement of goods and merchandise. Furthermore, they play a crucial role in the production of a wide range of products.
The first event was Saudi Arabia's announcement that it will extend the reduction in oil production until December 2023. Saudi Press Agency released this information, and the voluntary measure of cutting 1 million barrels per day is being implemented as part of the agreement established with OPEC+ to limit supply until 2024, with the aim of stimulating prices. However, the agency reported that the Saudi government will review the country's production for the fourth quarter on a monthly basis, which will be approximately 9 million barrels per day. Therefore, this decision will have a significant impact on the global oil market.
The second event involves Russia, which, although not a member of OPEC (Organization of Petroleum Exporting Countries), is part of OPEC+ and also announced a reduction in production for the month of September. According to information from CNBC, the cut will be 300 thousand barrels per day, after a cut of 500 thousand barrels per day in August.
Changes in diesel taxation: Impacts on logistics costs and the oil industry
Internally, the government issued the Provisional Measure 1175/23 on June 5, 2023. Publication took place in the Official Gazette on June 6 of the same year, establishing a deadline of 90 days.
This measure came into force on September 5th and will affect the purchase cost of Diesel S10 and S500, resulting in an increase of R$0.11 per liter.
The implementation of this change compensated for the loss of revenue resulting from the incentive program to reduce prices for popular cars, buses and trucks, launched in June 2023.
For October, another adjustment of R$0.03 is planned to compensate for the extension of the fleet renewal program.
From January 2024, the Revenue will resume the full collection of PIS/COFINS, in the amount of R$0.35. These developments are points of attention, as they will have an impact on the logistics costs of all the products we work with.
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By: Michel Malvasi | Palm & Lauric Oils unit manager
