LatinNews Daily - 13 March 2020

* Brazil’s state-owned oil company Petrobras has reduced the price of fuel in its refineries, with a 9.5% decrease in the price of gasoline and a 6.5% drop in the price of diesel, effective as of today (13 March). Although not the first time that Petrobras has adjusted prices in its refineries this year, it is the most significant decrease so far, a reaction to the fall in international oil prices. Petrobras has said that distributors will continue to set their own prices, “as the Brazilian fuel market is open to free competition”. The government’s ministry of mines & energy (MME) has so far discarded the possibility of an emergency intervention in national oil prices, although it says it is studying possible mechanisms to be applied in the eventuality of more unexpected sharp variations in global prices.

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