LatinNews Daily - 13 September 2022

In brief: Brazil’s Petrobras cuts gas prices

* Brazil’s state-controlled oil company, Petrobras, has announced a 4.7% reduction in the price of a cylinder of liquid petroleum gas (LPG), used for cooking. The price for distributors will decline from R$4.23 (US$0.83) to R$4.03 per kilogram (kg), which will reduce the price of a 13kg gas cylinder from R$54.94 to R$52.34. This follows a previous cut in gas prices which was announced on 9 April. President Jair Bolsonaro has pressed Petrobras to lower its fuel and gas prices, considering rising living costs as a threat to his bid for re-election on 2 October. In a statement, Petrobras said that the gas price reduction follows the “evolution of prices” in international oil markets “and is coherent with Petrobras’s price practices, which seek a balance between the market and the… [impact] of conjunctural volatility of [global] costs and the exchange rate” on domestic prices.

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