Brazil strikes wane as fuel prices lowered

Brazil

BRASíLIA, May 28, 2018 – After seven days of protests, the Brazilian government has implemented several measures to lower diesel prices, prompting truck drivers to start clearing roadblocks, international media reported Sunday.

In a televised speech late yesterday, President Michel Temer said he would sign three decrees aimed at lowering fuel prices, including one that would establish a 60-day period of lowered fuel prices, with monthly adjustments afterwards.

The strike is estimated to have cost the domestic economy USD 2.6 billion within the first five days. In some areas, the protests led to queues of more than 12 hours at petrol stations as the country experienced fuel shortages. The agriculture and food industries have also been hard hit, as imports and exports have been impeded.

Meanwhile, a Petrobras oil workers’ union has threatened to initiate a 72-hour walkout on Wednesday. The union is calling for even lower fuel prices and the removal of Pedro Parente as the CEO of the NOC.

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