I wish I knew more about the story that this panel would have originally been a part of. Original post here.

Sourced to Cold Rare Steak Sandwich, via capsep.

Bonus Image Provenance: I commissioned Bacchus at ErosBlog to research this image further, and he has come up with the following additional details.

The originating post in the tumblr stream for your image tagged it “Sukia #15”:

http://coldraresteaksandwich.tumblr.com/post/28415909374/from-sukia-15

“Sukia 15” appears to be the name and issue number of an 1978 Italian “fumetto per adulti” comic published by Edifumetto:

http://www.comics.org/issue/963463/cover/4/

A cover for the same issue number in a Spanish language edition (different cover image, cover says “comic para adultos”) can be found here, along with a different sample image from your “insect woman” storyline:

http://erotrash.blogspot.com/2011/03/sukia-15.html

Here is another link attributing your image to Sukia #15:

http://www.flickr.com/photos/saint_mars/7696235238/

I was able to find an apparently well-seeded but exceedingly sluggish torrent file that includes the Spanish-language version of Sukia #15. (File name is: Sukia 015_Esp_AdComic.pdf) That allowed me to conclusively confirm that your image is indeed from Sukia #15:

https://btdigg.org/search?q=sukia&info_hash=0b9d86417deb99b798e87d7007dff77c263af370

In the Spanish edition, the story your image is from is called “La Devoradorah de Cerebros” which Google Translate renders as “Brain-Eater”. And indeed, after waking up in her insect state after eating some sort of insect-egg contaminated fish, our heroine does indeed eat the brains of at least three different people, starting with her mother…

Bacchus is actively taking image research commissions, and if you have adult imagery you’re curious to learn more about, I encourage you to visit Bacchus’s introductory post for his image-searching service, where you can find details about how to commission him.