Brazilian Prez unveils deal to import Russian diesel

Brazilian President Jair Bolsonaro has announced his government has reached a deal to begin importing diesel fuel from Russia as part of measures to lower fuel prices at home.

"It is settled. In 60 days diesel can start to arrive in Brazil from Russia," Bolsonaro told journalists from the government headquarters in Brasilia on Monday.

The President defended the decision to import Russian diesel, saying it is cheaper than other foreign suppliers chosen by the state oil company Petrobras, Xinhua news agency reported.

"Brazil imports nearly 30 per cent of the diesel consumed in the country. We must import from those who sell at a better price and not accept the price of those who charge more," Bolsonaro said.

Brazil is neutral in the conflict between Ukraine and Russia, he added, adding that he met with his Russian counterpart Vladimir Putin during a visit to Moscow in February, and the two leaders agreed to maintain the supply of fertilisers for Brazilian agribusiness.