Petrobras reduces gasoline prices at refineries

Petrobras announced that it will reduce the price of gasoline at refineries by 3.1 percent per liter as of this Wednesday. With the cost cut, the average price per liter of fuel will fall from BRL 3.19 (USD 0.56) to BRL 3.09.

According to the government-controlled company, the adjustment reflects the evolution of international prices and the exchange rate, “which stabilized at a lower level for gasoline.” The barrel of Brent oil has seen a drop of around 14 percent since the last price change.

Gasoline prices were last altered on October 25, when Petrobras jacked costs up by 7.04 percent and 9.15 percent for diesel. 

In a statement released on Tuesday, Petrobras reiterated “its commitment to the practice of competitive prices and in balance with the market, while avoiding the immediate transfer to internal prices, external volatilities, and the exchange rate caused by circumstantial events.”

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