Petrobras feels pressure of higher prices

Petrobras feels pressure of higher prices

Corporate & Sovereign Strategy Economy & Policy Brazil Russia Capital Markets Energy Oil

Petrobras' margins have come under increasing pressure because it has not increased fuel prices for two months as oil prices have spiked since Russia invaded Ukraine late last month. Shares in the state-owned oil company tumbled after President Jair Bolsonaro questioned the difference in prices in Brazil and international market on Monday, fueling concern of a possible price freeze to contain inflation ahead of elections in October. Economy Minister Paulo Guedes, however, quickly ruled out a pri

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