Brazil Fuel Imports to Fall From Record as Petrobras Cuts Prices
- Petrobras share of fuel sales sank to 74 percent last year
- Company’s refineries processed least crude in 13 years in 2017
An attendant washes a car at a Petroleo Brasileiro SA (Petrobras) gas station in Rio de Janeiro, Brazil, on Nov. 10, 2017.
Photographer: Dado Galdieri/BloombergThis article is for subscribers only.
Brazil fuel imports are set to fall from a record as the country’s state-owned oil company bids to regain market share.
Petroleo Brasileiro SA, which owns 13 out of the 16 refineries in the country, cut diesel prices by 0.9 percent and raised gasoline by 2.7 percent at the refinery gate since early January. Oil-processing should improve in coming months, the company said in its fourth-quarter earnings conference call.