Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Petrobras Jumps on Possible Gasoline Price Increase

June 19 (Bloomberg) -- Petroleo Brasileiro SA, Brazil’s state-controlled oil company, rose to the highest in four weeks after Energy Minister Edison Lobao signaled the government is considering raising regulated gasoline prices.

Petrobras, as the Rio de Janeiro-based producer is known, rose 4 percent to 19.65 reais at the close in Sao Paulo, the highest price since May 22.

Lobao, who as recently as June 13 said Brazil wouldn’t increase gasoline prices this year, told reporters in Rio de Janeiro today that the government is constantly reviewing them.

“We’re permanently studying the topic and will have a conclusion in some time,” Lobao said. “There are concerns from Petrobras.”

Petrobras sells imported gasoline at a loss because of price controls aimed at keeping inflation in check and will have to raise prices at some point, Chief Executive Officer Maria das Gracas Foster told reporters in Rio de Janeiro on June 15.

To contact the reporter on this story: Peter Millard in Rio de Janeiro at pmillard1@bloomberg.net

To contact the editor responsible for this story: Dale Crofts at dcrofts@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.