Sao Paulo, Brazil: Brazil has not only affected by Coronavirus but also the country’s ethanol industry is suffering.
Agriculture Minister Tereza Cristina Dias said, “Falling demand and drop on gasoline prices has affected the ethanol sector in Brazil. To help the sector to survive the government is likely to announce some help for the sector.”
According to Dias, “The measures include hike in Cide tax on gasoline and withdrawal of Pis/Cofins levy on the ethanol.”
Following the sharp decline in the prices of crude oil, the ethanol producers in Brazil are mulling to reduce ethanol production and diverting more cane for sugar production.