Petroleo Brasileiro Petrobras SA ADRPBR
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Energy
Petroleo Brasileiro Petrobras SA ADRPetrobras Seeks Diesel Price Hike, Awaits Government Consumer Shield
CommodityRegulationMacro
Petrobras wants to raise diesel prices at its refineries but is waiting for the Brazilian government to take measures to shield consumers from the increase, Reuters reported Thursday, citing two sources at the state-run oil company. An increase would help narrow the gap between domestic diesel prices and global benchmarks, which has widened due to the Middle East war and diesel export restrictions from Russia. According to the report, the price gap would almost disappear with a 1 real per liter increase. The increase would be possible due to a new diesel subsidy set initially at 1 real per liter to be added to an existing subsidy of about 1.12 reais per liter, though details of the measure have not been disclosed. Petrobras also said a package of government tax measures will result in a reduction of 0.19 real per liter in gasoline prices for consumers, reversing an earlier announcement that had implied a raise in prices to distributors.
Petroleo Brasileiro Petrobras SA ADR