Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


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.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Brazil Plans to Closely Monitor Price of Crude Oil, Mantega Says

Feb. 5 (Bloomberg) -- Brazil’s government will “closely” monitor the price of oil so it doesn’t get too distant from domestic gasoline prices, causing losses for Petroleo Brasileiro SA, Finance Minister Guido Mantega said today.

Petrobras, as the state-controlled oil company is known, got clearance to raise gasoline prices at refineries by 6.6 percent and diesel by 5.4 percent, according to a regulatory filing from Jan 29. The increase trailed analyst estimates.

“We tend to follow more the price variation of the crude barrel in the international market, so that Petrobras doesn’t incur any loss,” Mantega told reporters in Brasilia today. “We’ll be alert,” he said, while mentioning that a second increase in gasoline prices is “not appropriate” right now.

The most-traded or preferred shares in Rio de Janeiro-based company, the worst-performing major oil producer in the past year, slumped to the lowest since 2008 today as rising fuel-import costs spurred an unexpected decline in earnings before items. Voting shares dropped to the lowest since 2005.

Earnings before interest, taxes, depreciation, and amortization fell to 11.9 billion reais ($5.96 billion) from 14.4 billion reais in the previous quarter, the state-run company said yesterday after the close of trading. The average of eight analysts’ estimates compiled by Bloomberg was for Ebitda of 14.6 billion reais.

Petrobras is down 7.3 percent this year, compared with a 1.9 percent drop in the benchmark index.

To contact the reporter on this story: Maria Luiza Rabello in Brasilia Newsroom at

To contact the editor responsible for this story: James Attwood at

Please upgrade your Browser

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

Chrome, Firefox, Safari, Opera or Internet Explorer.