Petrobras again cuts gasoline prices as global benchmark slides

Aug. 15, 2022 4:51 PM ETPetróleo Brasileiro S.A. - Petrobras (PBR)By: Carl Surran, SA News Editor5 Comments

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Petrobras (NYSE:PBR) on Monday said it would cut refinery gate gasoline prices by 4.9% starting Tuesday, the company's third price reduction in less than a month following a drop in international benchmark prices.

The company said it would cut prices to an average of 3.53 reais/liter (~$0.69) from 3.71 reais/liter, dropping them to the lowest level since mid-March.

The cut followed benchmark prices lower and was "in line with Petrobras' pricing policy," the company said, after also receiving frequent criticism from Brazil President Jair Bolsonaro, who trails in opinion polls ahead of the October election.

Petrobras (PBR) also has announced two diesel price cuts so far this month.

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