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Brazil’s Petrobras to raise fuel prices starting Saturday

Brazil's Petrobras to raise fuel prices starting Saturday
© Reuters. FILE PHOTO: A worker uses a petrol pump at a Brazilian oil company Petrobras gas station in Brasilia, Brazil March 7, 2022. REUTERS/Adriano Machado/File Photo

SAO PAULO (Reuters) – Brazilian state-run oil company Petrobras said on Friday it will increase gasoline and diesel prices beginning on Saturday, upsetting top politicians as the country grapples with high inflation.

Petroleo Brasileiro SA, as Petrobras is formally known, said diesel prices at its refineries will be raised to 5.61 reais ($1.10) per liter from 4.91 reais, while gasoline prices will go up to 4.06 reais/liter from 3.86 reais.

The move represents the first increase for diesel in roughly a month. Gasoline prices had not risen since early March.

Local media reported on Thursday that the Brazilian oil giant was set to announce a new price increase after getting approval from its board of directors, raising alarm bells within President Jair Bolsonaro’s administration.

Bolsonaro faces an uphill re-election bid later this year.

The president tweeted earlier on Friday that the government, as a shareholder, was against any such price hikes, calling Petrobras’ profits “exaggerated.”

($1 = 5.1090 reais)

Source: Investing.com

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