Petrobras Board Member Seeks Fuel Price Increase to Stem Losses

A Petrobras board member appointed by non-controlling shareholders is warning that the state-controlled producer is losing billions from below-market fuel sales and risks reputational damage.

Petrobras has accumulated between $2 billion and $3 billion in losses from selling diesel below international prices since the Iran war began, according to estimates from Francisco Petros, who was elected for a fifth term on April 16. Petrobras’s pricing policy calls for the company to shield consumers from short-term volatility.