Brazil in March 2026: the most important developments in economy
In Brazil in March 2026, the economy was dominated by fuel prices after global oil prices surged following an attack on Iran. The surge lifted shares in the state-run oil company Petrobras, which also posted record profit for 2025 and announced dividends, and it added pressure on domestic fuel prices. Petrobras ruled out an immediate price rise early in the month. On 12 March the government removed federal taxes on diesel and introduced a levy on crude oil exports, and on 13 March Petrobras announced its first diesel increase in ten months, with the tax cut limiting the effect on consumers. Several states declined President Luiz Inacio Lula da Silva's request to reduce their own diesel taxes, and he later urged governors to drop them. The oil regulator ordered Petrobras to resume fuel auctions on 19 March, while Petrobras denied any shortage and the government saw no reason for a truckers' strike. By 25 March the government was allocating $15 billion to support businesses affected by the war and changing its approach to lower imported diesel prices. The central bank stepped up its intervention in the bond market as rising oil prices disrupted expectations for interest rate cuts.
The trade agreement between the European Union and Mercosur advanced. On 5 March several EU countries backed farm safeguards tied to the deal, with Brazil, Argentina and Uruguay having ratified it. Member states began their ratification processes, and on 23 March the two blocs agreed that the accord would apply provisionally from 1 May.
Critical minerals drew investment and diplomacy. St George Mining raised the estimated resource at its Brazilian rare earths project by 75%, and on 18 March a senior U.S. diplomat said Washington was in talks with Brazil on critical minerals, at the signing of a cooperation deal with the state of Goias. Embraer announced a new commercial aircraft, a fighter jet and a flying car on 25 March. Lula ordered a study of credit card revolving credit limits as consumer debt rose, and talks on reforming the World Trade Organization collapsed amid a stand-off between the United States and Brazil.
by WorldBrief & Maksim Micheliov | AI-generated summary
Click a day in the chart above for that day's brief.