By Brazil Stock Guide – Petrobras has temporarily suspended export sales of marine diesel fuels after Brazil’s government imposed a 50% export tax on diesel, a measure that unexpectedly affected Marine Gas Oil (MGO) and Low Sulphur Marine Gas Oil (LSMGO) used to refuel international vessels.
In a notice sent to clients on Thursday, the company said all export transactions involving the fuels have been temporarily halted while it evaluates the operational and commercial impacts of the new regulation. The decision follows the enactment of legislation on March 12 that introduced the tax as part of the government’s broader package to contain the domestic effects of a surge in global oil prices.
Under Petrobras’ contractual terms for bunker fuel sales, any new taxes or government charges must be fully passed on to buyers. For deals already agreed but not yet delivered, Petrobras said the export tax will be incorporated into the final price. If customers refuse to accept the additional charge, the company indicated that transactions may be cancelled upon formal request.
Unexpected Consequence
The measure appears to have created an unintended effect in the maritime fuel market. Although the government targeted diesel exports more broadly, marine diesel used to refuel ships engaged in international voyages is legally treated as an export, meaning the new tax also applies to bunker fuel supplied to vessels departing Brazil.
The inclusion of marine diesel may have been an unintended consequence of the provisional measure (MP 1340/2026). According to sources familiar with the discussions, taxing bunker fuel was not part of the original policy design.
At this stage, it remains unclear whether the government will amend the rule to exclude maritime refueling operations.
Immediate Market Impact
The suspension of export bunker sales may temporarily disrupt fuel supply for ships calling at Brazilian ports, particularly those operating on long-haul international routes. Brazil is an important refueling hub for vessels traveling along the South Atlantic shipping corridor.
Petrobras noted that the export tax does not apply to vessels operating under cabotage routes, meaning domestic shipping within Brazil remains unaffected. However, other taxes may still apply depending on the type of operation.
The development adds another layer of complexity to the government’s attempt to shield Brazil’s economy from rising diesel prices, which are critical for trucking, agriculture and logistics. While the intervention aims to prevent global oil volatility from fully reaching domestic markets, it is now triggering secondary effects across energy trading and maritime fuel markets.
Whether the government revises the measure could determine if the disruption proves temporary — or evolves into a broader distortion in Brazil’s diesel supply chain.
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