Latin America Business: Petrobras Subsidy, Chile Lithium and Remittances

Brazil's state-owned oil company, Petrobras, agreed on September 18 to join a federal diesel subsidy program, allowing it to add a R$1 (approximately US$0.19) per litre deduction to its wholesale price. The subsidy is set to last 30 days and can be extended for another 30 days under certain conditions. This move is cumulative with an existing R$1.12 (around US$0.22) per litre subsidy, raising the total support to R$2.12 (about US$0.41) per litre.

Meanwhile, Chile's lithium exports have surged to US$4.332 billion in 2026, a significant increase from the previous year. This figure represents a tripling of returns compared to 2025 and marks a 34.4% rise in comparison to the same period in 2025. Chile, the world's second-largest lithium producer, continues to meet growing demand for the metal, which is essential for electric vehicle batteries.

In Central America, remittances have continued to rise, with US$29.064 billion flowing into El Salvador, Guatemala, and Honduras between January and July 2026. This represents a 7.1% increase compared to the same period in 2025. Guatemala accounted for nearly half of the total remittances, receiving US$15.447 billion. Honduras received US$7.692 billion, while El Salvador received US$5.925 billion. Remittances serve as a vital source of foreign income for these countries, supporting household consumption.

Finally, Costa Rica's data protection agency, Prodhab, has initiated an administrative investigation into the potential exposure of personal data on the dark web. The agency's probe began on September 16, following a claim made on a hacker forum. Cybercrime prosecutors have also launched a criminal inquiry into the matter. Authorities are currently unable to confirm the authenticity or recency of the alleged exposed data.