RIO DE JANEIRO, July 24 (Reuters) - Brazil's oil regulator ANP approved on Thursday new rules to set the reference price for oil produced in the country, a step that could increase the collection of royalties from oil firms.

The reference price serves as a basis for calculating taxes on oil sales within the country and for collecting royalties, and new rules to set it have been under discussion since 2022.

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ANP's resolution will come into effect on September 1, impacting distribution of royalties in November.

Last month, the Minister of Mines and Energy, Alexandre Silveira, said the change, if approved by the end of July, should yield 1 billion reais ($181.30 million) in extra revenue to the government in 2025.

The request was unpopular among oil companies but received wide support from Refina Brasil, an association for private refining firms, because the lack of an update to the rules had made it more advantageous for companies to export oil than to sell it to Brazilian refiners.

($1 = 5.5158 reais)

https://www.reuters.com/business/energy/brazils-anp-updates-oil-reference-price-rule-step-that-may-raise-royalty-2025-07-24/