Brazil's Petrobras Announces New Retail Fuel Pricing Plan
October 14 2016 - 9:10AM
Dow Jones News
SÃ O PAULO—Brazilian state-run oil company Petró leo Brasileiro
SA, or Petrobras, said Friday it will adopt a new pricing policy
for retail fuel that will reduce the domestic pump prices of diesel
and gasoline for Brazilian consumers.
The company said that it will cut diesel prices by 2.7% and
gasoline prices by 3.2% in refineries. The price reductions will
start this weekend.
Petrobras said it will monitor international prices and review
its pricing policy monthly.
In the past, Petrobras's retail fuel prices were decided by the
government in a bid to control inflation, which critics say led to
large losses at the state-run oil giant.
The impact on final prices for consumers depends on the
decisions of the distributors and gasoline stations. But if the
cuts are fully reflected in retail prices, Petrobras estimates that
the price of diesel at the pump will fall by 1.8% and gasoline by
1.4%.
Write to Rogerio Jelmayer at rogerio.jelmayer@wsj.com
(END) Dow Jones Newswires
October 14, 2016 08:55 ET (12:55 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
Petroleo Brasileiro ADR (NYSE:PBR)
Historical Stock Chart
From Aug 2024 to Sep 2024
Petroleo Brasileiro ADR (NYSE:PBR)
Historical Stock Chart
From Sep 2023 to Sep 2024