Petroleo Brasileiro SA, as the company is formally known, said on its website that it will cut prices to an average of 3.53 reais ($0.6939) per liter from 3.71 reais, taking them to their lowest level since mid-March.
The cut follows the drop in reference prices and is “in line with Petrobras’ pricing policy”, the company said, repeating language it has been using since last month, when it first lowered prices in 2022.
The oil giant, which pegs local fuel prices to international rates, including world oil prices and the exchange rate, has also announced two diesel price cuts so far this month.
Brazil needs lower fuel prices to curb high inflation. They would also give a boost to the president Jair Bolsonaro, who is behind former president Luiz Inácio Lula da Silva in opinion polls ahead of the October elections.
Source: Ambito
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