World News | Brazil's Silveira Rules out Fuel Shortages, Slams Market Speculation

Sao Paulo [Brazil], March 12 (ANI): Minister of Mines and Energy of Brazil, Alexandre Silveira on Wednesday assured that Brazil faces no risk of fuel shortages despite rising geopolitical tensions in West Asia and concerns about possible disruptions to global energy markets.

Speaking to journalists, Silveira said the country's fuel supply remains stable and the government is closely monitoring developments in the international oil market as well as domestic price movements. "There is no possibility of fuel shortages at gas stations," the minister said, stressing that Brazil has sufficient supply of gasoline diesel and other petroleum products, as reported by brasil 247.

Also Read | HCLTech Chennai Announces Work-From-Home for Employees as Commercial LPG Shortage Hits Office Cafeterias.

However, Silveira warned against what he described as "criminal speculation" by some distributors and fuel retailers. According to him, the government will intensify inspections and enforcement measures to curb any unjustified price increases. He said authorities could impose fines, conduct regulatory operations and, if necessary, involve the Federal Police to address irregularities in the sector.

The minister's remarks come amid heightened global scrutiny of fuel markets due to instability in the Middle East, a region that plays a crucial role in global oil supply. Such geopolitical developments often lead to volatility in international oil prices, which can influence domestic fuel costs.

Also Read | Kim Jong Un and His Daughter Ju Ae Seen Firing Pistols at North Korean Shooting Range; Pics Surface.

Silveira emphasised that the current concern is not Brazil's capacity to maintain supply but the possibility of premature or disproportionate price hikes by distributors and resellers reacting to international uncertainty. The government, he said, is determined to prevent abusive practices that could unfairly burden consumers.

During the interaction, the minister also renewed criticism of the privatisation of BR Distribuidora, which was completed during the administration of former president Jair Bolsonaro. Following the sale, the company began operating as Vibra Energia.

Silveira argued that the exit of Petrobras from the distribution segment reduced the government's ability to influence domestic fuel prices. He said the administration is exploring ways for Petrobras to eventually return to the fuel distribution sector, although existing contractual clauses may limit immediate action. (ANI)

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)