Petrobras surprises with first gasoline price hike in 11 months [Seeking Alpha]
Petroleo Brasileiro S.A.- Petrobras American Depositary Shares (PBR.A)
US:NYSE Investor Relations:
investidorpetrobras.com.br/en
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Source: Seeking Alpha
petroleum gas used for cooking and heating while leaving diesel prices unchanged. Petrobras ( PBR ) did not provide a reason for the ~7% gasoline price hike to an average 3.01 reais/liter (~$0.55/gal), but the move may show new CEO Magda Chambriard is 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. The price increase will still leave Brazilian prices 11.5% below international levels, according to StoneX consultant Thiago Vetter, as crude oil prices are up 13% YTD and last week topped $87/bbl, the highest since April, while Brazil's real has lost 11% compared with this time last year. Recommended For You More Trending News
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