Petrobras CEO Says Gasoline Prices Lag Expectations, Globo Says

Maria das Gracas Foster, chief executive officer of Petroleo Brasileiro SA (PETR4), said Brazil’s gasoline price increases are about 6 percent lower than forecast, O Globo reported.

Petrobras expected prices to increase by 15 percent between 2012 and 2016, and so far, prices have risen 7.83 percent, O Globo cited her as saying. Increasing gasoline prices as much as possible next year would be beneficial to Petrobras, Foster told O Globo.

Petrobras wants to retain its exploration and production division in Argentina while divesting from other areas of that country, Foster told O Globo. Petrobras also expects to take on $18 billion in debt next year, Foster said.

To contact the reporter on this story: Matthew Malinowski in Brasilia at mmalinowski@bloomberg.net

To contact the editor responsible for this story: Joe Sabo at jsabo@bloomberg.net.

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