By Jeffrey T. Lewis and Luciana MagalhaesSÃO PAULO--Petróleo Brasileiro's preferred shares rose 4.3% Tuesday after the Brazilian state-controlled oil company known as Petrobras said it was changing its policy for setting gasoline and diesel fuel prices. The preferred shares reached 26.76 reais, the equivalent of $5.46, and are up 4.7% from the end of last year through Monday's close. Analysts had speculated that prices would have been subject to government discretion under the new policy. Mirae Asset investment analyst Pedro Galdi said the new policy would result in fewer price changes, reducing price volatility and easing pressure on inflation. Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com and Luciana Magalhaes at luciana.magalhaes@wsj.com(END) Dow Jones Newswires05-16-23 1034ET

Source: Wall Street Journal May 16, 2023 14:36 UTC