Petrobras Hikes Fuel Prices in Encouraging Sign for Market
- State-run company lifts diesel prices by 25%, gasoline by 19%
- Political concern was weighing on shares, which jumped 6.3%
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Brazil’s state-controlled oil company Petroleo Brasileiro SA raised domestic fuel prices in an encouraging sign for investors who are concerned about a return to subsidies to contain inflation. Shares rallied.
Petrobras announced a 25% increase in the price of diesel it sells to distributors, to 4.51 reais a liter ($0.89), and a 19% increase in gasoline prices to 3.86 reais a liter. The company also announced higher prices for cooking gas.