On Monday, Brent crude futures hit a session low of $99.09 a barrel as weak manufacturing data from several countries weighed on the demand outlook.
Petroleo Brasileiro S.A.Petrobras, as Petrobras is formally known, announced last week a 4% cut in gasoline prices, adding to a 5% reduction earlier in the month and taking prices to their lowest level since March.
Petrobras, which pegs its local fuel prices to international rates, including world oil prices and currencies, said then that the cut came because international benchmark prices had “stabilized at a lower level for gasoline.” “.
Diesel prices at its refineries, however, remained unchanged at the level set in mid-June. Bolsonaro and federal lawmakers have been pushing the company hard to lower prices amid high inflation and ahead of general elections in October.
“It’s not a crystal ball,” Bolsonaro said of the expectation of a new cut in fuel prices. “If the dollar falls (against the Brazilian real), they will also fall.”
Source: Ambito
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