Brazil states approve ICMS hike on fuels, diesel up 11.1% from Feb 2027

Brazilian states approved an increase in the ICMS tax on gasoline, diesel, and cooking gas, effective February 2027, with diesel seeing the largest rise at 11.1%. The move signals a coordinated state-level fiscal adjustment that will raise fuel prices and could feed into inflation expectations, though the implementation lag tempers immediate market impact.

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