Petrobras announces new gasoline and diesel price hike

biden Petrobras bumps fuel prices again. Photo: Fernando Frazão/Agência Brasil
Petrobras bumps fuel prices again. Photo: Fernando Frazão/ABr

Amid a fuel price crisis in Brazil, state-controlled oil firm Petrobras announced yet another increase in gasoline and diesel prices for distributors this afternoon. The change takes effect tomorrow. With the increase, the price of gasoline will go from BRL 2.98 to BRL 3.19 per liter, a 7.04 percent jump. This is the second such price increase this month alone, with gasoline already becoming 7.2 percent more expensive on October 9.

A liter of diesel will now cost BRL 3.34, up 9.15 percent from BRL 3.06. The calculation refers to the mandatory blend of 12 percent biodiesel and 88 percent diesel for the composition of fuel sold at gas stations.

President Jair Bolsonaro had already indicated there would be further hikes while speaking at an event on Sunday. “Unfortunately, due to oil prices abroad and the dollar here in the next few days, starting tomorrow, we will have a fuel price increase,” he said. Year-to-date, diesel is already 65.3 percent more expensive at refineries, with prices at the pump rising 35 percent in the same period.