LatinNews Daily - 07 December 2022

* Brazil’s state-controlled oil company, Petrobras, has announced a reduction in the price of petrol and diesel for its distributors. In a statement, Petrobras said it will lower the price of a litre of diesel to R$4.49 (US$0.85), down from R$4.89. The price of a litre of petrol will fall from R$3.28 to R$3.08. Petrobras said that “these reductions accompany the evolution of the reference prices and are coherent with Petrobras’s price policy, which seeks to balance its prices with market rates without passing onto the internal market the volatility linked to exchange rates.” Also yesterday, Petrobras announced that the company’s CEO, Caio Mário Paes de Andrade, will be leaving the role to join the incoming São Paulo state government. No departure date has been set, and Petrobras said that Paes de Andrade will remain at the company for the coming weeks. His exit confirms a widely expected change of Petrobras’s leadership under leftist president-elect Luiz Inácio Lula da Silva, who takes office in January and has previously said that he wants Petrobras to expand into renewable energies and biofuels and to increase its refining capacity.

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