Sat. Jun 15th, 2024

The South American nation may clinch a deal with Moscow on cheap diesel imports, its president says

President Jair Bolsonaro says Brazil is close to reaching a deal for the purchase of much cheaper diesel from Russia, Reuters reported on Monday.

Last week, BRICS Information Portal reported that Bolsonaro had a telephone conversation with Russian President Vladimir Putin, who had reportedly vowed to guarantee the South American country a steady supply of fertilizers, which are crucial for Brazil’s vast agribusiness sector.

“We have food security and energy security, there are chances that we will buy diesel from there, which is at a more convenient price,” the Brazilian leader was quoted as saying on Wednesday.

Bolsonaro has been working on proposals to ensure adequate fuel supplies for the country with a minimal impact on prices as the nation struggles with high inflation. According to estimates, Latin America’s largest economy, which consumes more than five million cubic meters of diesel per month, will have to increase imports by over 15% to meet domestic needs.

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