Petrobras Raises Gasoline Prices for First Time in 11 Months [BNN Bloomberg (Canada)]
Petroleo Brasileiro S.A.- Petrobras American Depositary Shares (PBR.A)
US:NYSE Investor Relations:
investidorpetrobras.com.br/en
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Source: BNN Bloomberg
Petroleo Brasileiro SA will increase gasoline prices for distributors by 7.1%, to 3.01 reais ($0.55) per liter, according to a statement Monday. The company also raised prices for liquefied petroleum gas used for cooking and heating. It left diesel prices unchanged. While Petrobras didn't provide a reason for the price hike, it indicates the company's new chief executive officer, Magda Chambriard, may be willing to resist the kind of political pressure faced by her predecessors to keep fuel costs low at the expense of the company's finances. Petrobras shares surged as much as 2.6% in Sao Paulo following the announcement. After Brazil President Luiz Inacio Lula da Silva took office in 2023, he pushed Petrobras to shield consumers from volatility in oil markets by setting prices based on its production costs rather than international levels. The price hike announced Monday will still leave Brazilian prices 11.5% below international levels, according to StoneX consultant Thiago Ve
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