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Business & Finance

Brazil's Petrobras lowers fuel prices even as oil rises internationally

  • The move would be the first under the management of General Joaquim Silva e Luna, who replaced Roberto Castello Branco as the company's top executive after the government apparently disagreed with the state-run company's fuel pricing policy.
  • In a note on Friday, brokerage Ativa Investimentos said its model indicated a potential 13% rise in gasoline prices, driven by the increasing international oil prices.
Published April 30, 2021

RIO DE JANEIRO: Brazilian oil company Petrobras will reduce diesel and gasoline prices at refineries by about 5 cents per liter from Saturday, the Brazilian Association of Fuel Importers (Abicom) and consultancy and brokerage StoneX said on Friday.

The move would be the first under the management of General Joaquim Silva e Luna, who replaced Roberto Castello Branco as the company's top executive after the government apparently disagreed with the state-run company's fuel pricing policy.

Petrobras did not immediately comment on the matter.

After landing the top job at Petrobras, Luna said he would look to avoid volatility in the domestic fuel market while not "disrespecting" international price parity.

In a note on Friday, brokerage Ativa Investimentos said its model indicated a potential 13% rise in gasoline prices, driven by the increasing international oil prices.

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