Petrobras raises diesel prices by an average 6.1%

|About: Petrobras - Petroleo Brasil... (PBR)|By:, SA News Editor

Petrobras (NYSE:PBR) says it is raising diesel prices at refineries by an average of 6.1%, effective immediately, citing higher oil prices and a stronger Brazilian currency.

If fuel distributors and gas stations choose to fully transfer the price increase to consumers, it would translate into a 3.8% price hike at pumps.

PBR for years kept fuel prices artificially low, absorbing sharp losses whenever prices of crude rose in global markets, but the state-controlled company has taken a more flexible pricing policy under CEO Pedro Parente.