Bloomberg News

Petrobras CEO Says Higher Fuel Prices Needed, Folha Reports

March 25, 2012

Petroleo Brasileiro SA (PETR4) will inevitably need to increase fuel prices, Folha de Sao Paulo reported, citing an interview with Chief Executive Officer Maria das Gracas Foster.

Petrobras, as the oil company is known, will have to raise fuel prices if Brent crude continues to trade over $120 per barrel, Foster told the Sao Paulo-based newspaper. Petrobras has strong enough financial margins to compensate for the lack of increases for several months, Foster said, according to Folha.

Brazil’s government caps Petrobras’s fuel prices in order to fight inflation.

To contact the reporter on this story: Rodrigo Orihuela in Rio de Janeiro at rorihuela@bloomberg.net

To contact the editor responsible for this story: Dale Crofts at dcrofts@bloomberg.net


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