Petroleo Brasileiro Cuts Diesel Prices Nearly 10% Under Brazil Fuel Subsidy Program

MT Newswires Live

06/01

Petroleo Brasileiro SA (PBR), also known as Petrobras, said Monday that it will reduce domestic diesel prices starting Monday as part of a Brazilian government program aimed at cushioning consumers from higher fuel costs linked to geopolitical tensions in the Middle East.

The state-controlled oil producer said it will lower its average diesel selling price to distributors by 0.3515 reais per liter, or 9.6%, to 3.30 reais per liter starting June 1.

Petrobras sid the reduction is tied to a federal subsidy program designed to offset the reinstatement of Brazil's PIS and Cofins fuel taxes.

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