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SAO PAULO: Brazilian state-run oil company Petrobras will reduce the price of diesel sold to distributors by an average 0.16 real ($0.0283) per liter starting Tuesday, it said in a statement on Monday.
The move marks the third consecutive reduction in diesel prices by Petrobras as Brent crude oil prices have dropped in light of the global trade war triggered by U.S. President Donald Trump’s sweeping tariffs.
When Petrobras announced its previous cut on April 17, analysts said that the oil giant was too conservative in the move, indicating that there was room for further ones down the line.
Petrobras in 2023 enacted a pricing policy aimed at protecting Brazilians from fluctuation in oil prices.