Petrobras Gains on Speculation Fuel Price to Increase: Rio Mover
Petroleo Brasileiro SA (PETR3) rallied on bets Brazil’s state-controlled oil producer will boost fuel prices soon after a report cited Chief Executive Officer Maria das Gracas Foster as saying she’s pushing for an increase.
Petrobras, as the Rio de Janeiro-based company is known, rose 1.6 percent to 18.80 reais at 12:08 p.m. in Sao Paulo, extending its quarterly gain to 16 percent. It was the best performance today on the Ibovespa gauge, which fell 1.7 percent.
Petrobras is planning a new price adjustment policy to stem losses from fuel imports, Rio de Janeiro-based newspaper O Globo reported yesterday, citing an interview with Foster, who said that she is working for it to happen “yesterday.”
“Investors are optimistic that the long-awaited increase is very close,” Pedro Galdi, the chief analyst at the brokerage firm SLW Corretora, said in a telephone interview from Sao Paulo.
Petrobras’ press office didn’t immediately respond to a phone call and e-mail from Bloomberg News seeking comment. The company’s price policies are maintained for the moment, Finance Minister Guido Mantega told reporters today in Sao Paulo.
Petrobras raised fuel prices twice this year. The 9.2 percent weakening of the Brazilian real in 2013 is intensifying losses from fuel imports sold at a discount by the company to distributors as part of a policy to keep inflation in check.
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