Weekly Report - 17 March 2022 (WR-22-11)

BRAZIL: Petrobras price hike fuels discontent

Brazil’s state-controlled oil company Petrobras announced a steep increase in the price of fuel last week – its first price jump in nearly two months. The price increase reflected surging oil prices internationally, a consequence of the war between Russia and Ukraine, but it will be sorely felt by Brazilian consumers, who are already feeling the impact of inflation in other areas, and could prove politically perilous for the government led by President Jair Bolsonaro.

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