Bloomberg News

Petrobras CEO Says Gasoline Prices Lag Expectations, Globo Says

December 23, 2012

Maria das Gracas Foster, chief executive officer of Petroleo Brasileiro SA (PETR4), said Brazil’s gasoline price increases are about 6 percent lower than forecast, O Globo reported.

Petrobras expected prices to increase by 15 percent between 2012 and 2016, and so far, prices have risen 7.83 percent, O Globo cited her as saying. Increasing gasoline prices as much as possible next year would be beneficial to Petrobras, Foster told O Globo.

Petrobras wants to retain its exploration and production division in Argentina while divesting from other areas of that country, Foster told O Globo. Petrobras also expects to take on $18 billion in debt next year, Foster said.

To contact the reporter on this story: Matthew Malinowski in Brasilia at

To contact the editor responsible for this story: Joe Sabo at

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