Reported about 1 year ago
Brazil's state-controlled oil company, Petrobras, is increasing domestic gasoline prices for the first time in 11 months due to rising crude prices and the devaluation of the nation's currency. The company will raise gasoline prices for distributors by 7.1% to 3.01 reais ($0.55) per liter while keeping diesel prices unchanged. This move indicates a shift towards prioritizing the company's financial health over political pressure to keep fuel costs low. The price hike is expected to impact inflation and may hinder the central bank's ability to lower interest rates in Brazil.
Source: YAHOO