Brazil’s foreign trade body Camex extended a 12% tax on crude oil exports for another 60 days, hours after a local court suspended the levy. The decision, reported by Valor Economico on Thursday, leaves the fate of the tax unresolved as it remains locked in a legal dispute between oil companies and the Luiz Inacio Lula da Silva administration.
The temporary extension follows a court ruling that challenged the legality of the export tax, which was first imposed to curb domestic fuel prices amid inflation concerns. Oil firms have contested the measure, arguing it undermines their competitiveness and violates trade agreements.
Camex’s move signals an interim resolution while the government and industry stakeholders await further judicial clarification. The extension period provides additional time for negotiations, though the long-term viability of the tax remains in question as legal challenges persist.
