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The price of ethanol should decrease in Minas Gerais in the coming days. Through social networks, Governor Romeu Zema (Novo) said that from this Monday (1st) the value of the calculation of the tax on fuel in the state will be reduced by R$ 0.46.
“In addition to reducing the ICMS on fuels, as of today, the value of the tax on ethanol in Minas will be reduced by R$ 0.46. By further reducing the price at gas stations, to improve the competitiveness of biofuel for miners and expand the generation of jobs”, he said.
In addition to reducing the ICMS on fuels, as of today, the value of the tax on ethanol in Minas will be reduced by R$ 0.46. Further lowering the price at the gas stations, to improve the competitiveness of biofuel for the miners and increase the generation of jobs!
— Romeu Zema (@RomeuZema) August 1, 2022
The governor, however, did not give details of how this will be done. The government, in turn, also did not disclose what the impact on the pumps should be for the final consumer.
On the 20th, a decree was published by the State that reduced the ICMS rate on biofuels for the entire production chain from 16% to 9.29%. This change had been announced by Zema two days earlier after the enactment of the Benefits PEC in Congress. The change in the constitution determines that the ICMS rate on biofuels, such as ethanol, be reduced to maintain the competitiveness of the alternative, since there was a reduction in the rate on gasoline due to the new law on the ICMS ceiling.
