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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

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 of gasoline was R$2.75 ($1.38) and R$2.15 per litre of diesel, according to the National Petroleum Agency (ANP). “The

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