RIO DE JANEIRO (Reuters) – Petrobras Chief Executive Officer Joaquim Silva e Luna said there was “zero” risk that the state-run Brazilian oil company would seek to artificially control fuel prices even amid growing public outrage over inflation. Petrobras this week raised diesel prices by about 9%, its first such hike in 85 days. “There is no chance of this [controlling prices] happening,” Luna said in a phone interview late on Friday. Lula said President Jair Bolsonaro, Mines and Energy Minister Bento Albuquerque and Economy Minister Paulo Guedes are convinced that artificially controlling prices would be detrimental to Petrobras. Oil prices are likely to rise in the final quarter, driven by demand for fuel derivatives in the Northern Hemisphere, and domestic price adjustments will largely depend on the exchange rate.

Source: MetroXpress October 02, 2021 15:33 UTC