Page 11 - LatAmOil Week 24 2022

LatAmOil BRAZIL LatAmOil

Biodiesel content currently stands at about 10% in Brazil (Image: DTN)

According to a report from S&P Global Platts, pricing, meaning that Bolsonaro cannot force
even if this measure is adopted, it may not have the company to lower prices or abandon its pol-
much long-lasting benefit for Brazilian consum- icy of aligning domestic fuel tariffs with world
ers. There is widespread concern that the impact market rates. The president has been trying to
of the ICMS cap could be offset by another price convince the NOC to do so, citing concerns
increase from Petrobras, the national oil com- about the economic impact of rising global oil
pany (NOC). prices (and surely thinking about his own bid for
Petrobras is owned by the state but has legal re-election in October). So far, though, he has
guarantees of independence with respect to been unsuccessful. ™

ECUADOR
High fuel prices spark protests in Ecuador

COMPLAINTS about high fuel prices have
helped lead indigenous and social action groups
in Ecuador to launch a round of protests against
the policies of Guillermo Lasso, the country’s
right-leaning president.
According to a report from Reuters, indig-
enous organisations such as CONAIE and
CONFENIAE, along with a number of citizens’
groups, began setting up roadblocks earlier
this week, piling up mounds of dirt, logs and
burning tyres along highways in order to block
traffic. They did not say when they might clear
the obstacles and raised the possibility that the
demonstrations might continue indefinitely.
Reuters explained that the social and indige- Police confront roadblock staged by CONFENIAE (Photo: Twitter/@confeniae1)
nous groups had raised objections to several of
the Lasso administration’s policies. Specifically, levels that were higher than those prevailing
it reported, the groups wanted Quito to freeze before the president assumed office. They have
gasoline prices below their current levels, put a also asserted that the government effectively put
halt to plans for expanding crude and oil min- a halt to the protests that erupted at that time by
ing and push back the deadlines by which small agreeing to negotiate with indigenous and social
farm owners must repay their debts to the banks. organisations. Since then, however, they have
The protesters have noted Lasso’s move last also complained that officials in Quito have not
October to freeze gasoline and diesel rates at been truly attentive to their concerns.

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