Economy

Government maintains 12% rate on oil export tax

Updated July 9, 2026 Source: G1 Economia 2 min read

The Executive Management Committee of the Chamber of Foreign Commerce (Gecex-Camex) decided this Thursday (9) to maintain the export tax rate on crude petroleum oils and bituminous minerals at 12%. ?Bituminous minerals are rocks and substances rich in hydrocarbons, used in the production of fuels and petroleum derivatives. The measure, of a temporary nature, is valid for up to 60 days and will be reevaluated after 30 days, "in light of the evolution of the international scenario and its impacts on the oil and fuel market". The committee argued that maintaining the rate seeks to preserve supply conditions for the domestic market and guarantee raw materials for Brazilian refineries. ?Gecex is the federal government body responsible for deciding on foreign trade measures, such as import and export tariffs. The committee is part of the Chamber of Foreign Commerce (Camex), linked to the Ministry of Development, Industry, Commerce and Services.

"The determination was made in view of the recent change in external conditions, especially after the deterioration of the geopolitical environment in the Middle East, with new episodes of tension in the Strait of Hormuz", explained Camex, in a note. Strait of Hormuz on July 9, 2026 Reuters War The decision was taken amid the escalation of the war between the United States and Iran, which once again put pressure on the international oil market. In recent days, the two countries have exchanged new attacks, and Iran has stated that American bombings have interrupted the gradual reopening of the Strait of Hormuz, a route through which around 20% of the world's oil and gas trade passes. The conflict has increased concerns about a possible reduction in global supply of the commodity and a rise in international prices.

Source: G1 Economia

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