Petrobras Falls as Brazil Fails to Phase Out Fuel Subsidy
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Petroleo Brasileiro SA fell the most in five years after the government failed to meet a request by the state-run company to disclose a clear policy for phasing out fuel subsidies that have cut earnings and increased debt.
Shares in Petrobras, as the Rio de Janeiro-based crude producer is known, lost 9.2 percent, the steepest one-day decline since Nov. 12, 2008, and the most among members of the Dow Jones Oil & Gas Titans 30 Index.