Petrobras to Further Raise Fuel Prices, Lobao Tells Globonews

Petroleo Brasileiro SA, Brazil’s state-controlled oil company, may raise gasoline prices for a second time this year as it seeks to boost revenue to fund its investment plan, Energy Minister Edison Lobao said in an interview to cable news channel Globonews.

Lobao didn’t say when the increase may be announced or by how much prices may rise. Petrobras lifted gasoline prices in Brazil by 7.8 percent in June, while Brazil removed a tax on fuel to prevent an increase for consumers. Lobao said that such compensation won’t happen again in the next price increase.

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