Brazil: President Temer cuts diesel prices to end truckers’ strike

After a week-long strike by truckers in Brazil, President Michel Temer announced last minute measures, including slashing diesel prices, on Sunday night to bring back normality.

Growing diesel prices in Brazil pushed hundreds of truckers to go on a nationwide week-long strike. The protests, which included 529 blockades, caused severe shortages at petrol stations and supermarkets, according to the Japan Times.

The cost of diesel has soared in recent months due to an increase in international oil prices. In addition, Petrobras, the state-owned oil company, introduced las year a policy to adjust fuel prices to daily changes in the international oil markets.

Truckers say that the depreciation of the Brazilian real and the rise in Brent crude prices makes business hard for them.

As part of the package of measures announced my Temer a diesel price cut has been installed for two months, after which there will be price adjustments every month instead of on a daily basis, allowing truckers to better plan their costs, reports the BBC.