The Brazilian state-owned oil company Petrobras said that it would keep its fuel price adjustment range between -7% and + 7% throughout September. In August, gasoline prices rose 3.4%, while diesel prices increased by 2.2%.
In a statement, Petrobras stated that the adjustments were sufficient to ensure the proximity of local and international prices and fluctuations in the foreign exchange rate.
Petrobras’ evaluation meetings occur at least once a month. Under Petrobras’ new pricing policy, set in July, fuel prices may fluctuate according to the variations of the Brent oil barrel price and the exchange rate.
The increases and cuts must respect a range between -7% and +7%, and Petrobras’ should always remain profitable – which means the company no longer wants to subsidize fuel consumption.
The material has been provided by InstaForex Company – www.instaforex.com
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