Brazil 6

Brazil: Petrobras to Commit to Market-Based Fuel Prices

On 21 May daily newspaper Folha de Sao Paulo published a report from anonymous sources indicating that Petrobras will formally commit to abandoning price controls and using market-based fuel prices in its next business plan, which will be released in June. According to the report, Petrobras CEO Aldemir Bendine, along with other board directors, are in open agreement that past subsidies and price controls have severely hampered the company’s finances and general capacity to pay off debt, and the board is set on rectifying this situation.

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