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On Monday, Guardia said the government would need to hike taxes or cut some tax benefits to compensate for a 4 billion reais ($1.08 billion) loss from a diesel tax cut the government agreed to in order to assuage protesting truckers.
Speaking before a Senate commission on Tuesday, Guardia added that the pricing freedom of state-run oil company Petroleo Brasileiro SA, known as Petrobras, remains "completely intact."