Petrobras fuel price increase doesn’t go far enough
The state owned company announced an increase in fuel prices, however analysts say it isn't enough
Justin Jacobs, LONDON
After months of wrangling with the government,
Brazil’s state-owned oil company Petrobras
announced a long-awaited increase in domestic fuel prices. The
move will help boost the company’s bottom line,
but analysts have warned that it does not go far enough to make
the company’s refining business profitable.
Gasoline prices will rise by 6.6%, while diesel prices will go
up 5.4%, Petrobras said in a 29 January statement. The
Brazilian government determines prices Petrobras charges at the
pump at its chain of petrol stations. In December, the average
price in Brazil for a litre...