Petroleo Brasileiro SA, Brazil’s state-controlled oil company, rose after newspaper O Estado de S. Paulo reported that the government will announce next week an increase in fuel prices.
Shares advanced 0.8 percent to 20.01 reais at 11:39 a.m. in Sao Paulo after earlier gaining as much as 1.5 percent. The benchmark Bovespa index fell 0.3 percent.
Finance Minister Guido Mantega plans to raise gasoline prices by 7 percent and diesel prices by 4 percent to 5 percent, Estado reported, without saying where it got the information. The Finance Ministry declined to comment when contacted by Bloomberg News.
Petrobras lost 9.2 percent in 2012 while the Bovespa gained 7.4 percent during that period.