Petrobras Cuts Gasoline Prices 6% as Brazil Fights Inflation

Petroleo Brasileiro SA, the Brazilian state-owned oil company, said its fuel distribution unit will cut gasoline prices by 6 percent as the government battles to slow inflation from its fastest pace in more than five years.

Gasoline prices will be cut because the country’s sugar harvest will reduce costs for ethanol, which accounts for 25 percent of blended gasoline, a spokesman for BR Distribuidora, who can’t be named under company policy, said by telephone.