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GEJ Recipe? Brazil May Raise Fuel Prices by up to 6 percent After Election

Nairametrics by Nairametrics
August 12, 2014
in Uncategorized
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BRASILIA (Reuters) – The Brazilian government could increase domestic fuel prices at refineries by up to 6 percent after the October presidential election, a senior government source told Reuters on Monday.

The official, who asked not to be named because of the sensitivity of the issue, said an increase of between 5.5 percent and 6 percent is a preliminary calculation and aims to help state-run oil company Petroleo Brasileiro (PETR4.SA), known as Petrobras.

President Dilma Rousseff, who is running for re-election on Oct. 5, has kept fuel prices below international levels to curb above-target inflation. That policy has hurt the finances of Petrobras, which is forced to buy fuel at international prices and sell it more cheaply in the local market.

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https://mobile.reuters.com/article/idUSKBN0GB26920140812?irpc=932

Tags: News ReviewOil & Gasoil price
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Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

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