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Brazil's Petrobras to cut diesel prices from Friday

By Reuters_News

15:09, 11 August 2022

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A file photo of general view of tanks of Brazil's state-run Petrobras oil company following the announcement of updated fuel prices at Petrobras in Brasilia, Brazil June 17, 2022.
A file photo of general view of tanks of Brazil's state-run Petrobras oil company following the announcement of updated fuel prices at Petrobras in Brasilia, Brazil June 17, 2022.

- Brazilian state-run oil company Petrobras PETR4.SA said on Thursday it will lower refinery gate diesel prices by 4% starting Friday, marking the second cut in a week after a drop in international prices.

Petroleo Brasilero SA, as the company is formally known, said in a statement on its website it will cut diesel prices to 5.19 reais ($1.01) from 5.41 reais, while gasoline prices were kept unchanged.

The oil giant had already lowered diesel prices by 3% last week, the first downward adjustment in more than a year.

Oil - Crude

81.03 Price
+0.040% 1D Chg, %
Long position overnight fee 0.0240%
Short position overnight fee -0.0439%
Overnight fee time 21:00 (UTC)
Spread 0.03

Gold

1,673.28 Price
+0.550% 1D Chg, %
Long position overnight fee -0.0155%
Short position overnight fee 0.0055%
Overnight fee time 21:00 (UTC)
Spread 0.20

XRP/USD

0.49 Price
+2.360% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 21:00 (UTC)
Spread 0.00600

US100

11,246.90 Price
+0.560% 1D Chg, %
Long position overnight fee -0.0141%
Short position overnight fee 0.0041%
Overnight fee time 21:00 (UTC)
Spread 1.5

It repeated on Thursday the same communication it used last week, saying the move was in line with its fuel pricing policy – which pegs local prices to international rates – and reflected global benchmark prices stabilizing at a lower level for diesel.

Petrobras has been facing intense pressure from President Jair Bolsonaro and federal lawmakers to bring down prices amid high inflation and ahead of a general election in October.

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