Petrobras Rallies on Gasoline Price Increase Reports: Rio Mover
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Petroleo Brasileiro SA, the state-run crude producer, rose to the highest in more than two months on speculation the government will raise gasoline and diesel prices to stem losses from fuel imports.
Petrobras, as the Rio de Janeiro-based company is known, rose 5.3 percent to 18.26 reais at the close of trading in Sao Paulo, the highest since June 13. The rise pares its loss this year to 6.5 percent, less than the 16 percent drop in the benchmark Ibovespa.