Brazil's state-run oil company raises fuel prices

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Brazil's state-run oil company raises fuel prices

STORY: Brazil's state-run oil company raises fuel prices DATELINE: March 11, 2022 LENGTH: 00:02:20 LOCATION: RIO DE JANEIRO, Brazil CATEGORY: ECONOMY SHOTLIST: 1. various of gas stations in Brazil STORYLINE: Brazil's state-run oil company Petrobras announced Thursday that it will raise fuel prices starting Friday. The gasoline prices will rise 18.8 percent to 3.86 reais (0.7653 U.S. dollars) per liter, while diesel prices will hike 24.9 percent to 4.51 reais per liter. In a securities filing, the company said after oil prices were seen at consistently high levels, it became necessary for Petrobras to adjust prices, adding other fuel suppliers in the South American country had also raised their prices. The move is the first fuel price adjustment by the Brazilian oil giant in almost two months. Recently, oil prices have hit multi-year highs as the Russia-Ukraine conflict continues. Brazil registered inflation rate of 0.86 percent in February, the highest rate for the month since 2016, driven by an incre

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