Brazil's Petrobras hikes gasoline prices for first time in 11 months [Yahoo! Finance Canada]
Petroleo Brasileiro S.A.- Petrobras American Depositary Shares (PBR.A)
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Source: Yahoo! Finance Canada
a year this week, it said on Monday, while also hiking liquefied petroleum gas (LPG) prices. The announcement by the oil giant that it would increase gasoline prices by some 7% starting Tuesday sent its shares up as much as 1.9% in Sao Paulo trading, with investors welcoming the somewhat unexpected move. It represents Petrobras' first gasoline price tweak since Magda Chambriard replaced Jean Paul Prates as chief executive in May, and the first time the company hikes gasoline prices since a 16.3% increase in August 2023 amid higher global oil prices. Petrobras in 2023 ditched a more market-based pricing policy in favor of one that gave it more flexibility to smooth out price swings. ADVERTISEMENT The company's last change to gasoline prices was in October 2023, when it reduced them by 4% on average. Under the changes, the company said in a statement, gasoline will go up 0.20 reais ($0.0366) per liter to an average 3.01 reais/liter. Average LPG prices, meanwhile, will be hik
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