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RIO DE JANEIRO (Reuters) -Brazilian state-run oil company Petrobras will avoid raising fuel prices until after Congress finishes debating further tax cuts, two sources close to the matter told Reuters on Tuesday.
This comes after the firm’s management told the government on Monday that diesel and gasoline prices in the country are lagging behind international markets.
Diesel prices, which the company increased in May, were 15% below international markets, while gasoline prices were more than 20% lower than the import parity price.
The final decision depends on factors like oil prices and the exchange rate, “but the idea is to hold,” said one of the sources on the condition of anonymity.
