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LatinNews Daily - 18 April 2019

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In brief: Brazil

* Brazil’s state-owned oil company Petrobras has announced that it will increase the price of diesel by R$0.10 (US$0.03) per litre in its refineries, to an average of R$2.25l (US$0.57) per litre, effective from 18 April. This represents a 4.52% to 5.14% increase on current prices, below the 5.7% increase announced but then cancelled last week. In declarations to the press, Petrobras CEO Roberto Castello Branco said that this increase would not necessarily translate into an increase in pump prices for consumers, as the price of a litre of diesel sold by Petrobras to distributors represents only 54% of the final retail price on average. Petrobras has highlighted that diesel consumer prices in Brazil are 13% lower than the global average.