Commodities
Petrobras Raises Gasoline Prices for First Time in 11 Months
- Brazil’s state-controlled energy giant hikes prices 7.1%
- Move may hurt central bank’s chances to resume rate cuts
A Petrobras gas station in Sao Paulo, Brazil.
Photographer: Jonne Roriz/BloombergThis article is for subscribers only.
Brazil’s state-controlled oil company is raising domestic gasoline prices for the first time in 11 months as crude prices have climbed and the value of the nation’s currency slides.
Petroleo Brasileiro SA will increase gasoline prices for distributors by 7.1%, to 3.01 reais ($0.55) per liter, according to a statement Monday. The company also raised prices for liquefied petroleum gas used for cooking and heating. It left diesel prices unchanged.