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LatinNews Daily - 20 October 2023

In brief: Brazil’s Petrobras cuts gasoline and raises diesel prices

* The Brazilian state-controlled oil company Petrobras has announced that, starting tomorrow (21 October), the prices of fuel for distributors will be adjusted. The average price of gasoline will be reduced to R$2.81 (US$0.56) per litre, down R$0.12. The average price for diesel, on the other hand, will be increased to R$4.05 per litre, up R$0.25. In a press release, the oil company highlighted the benefits of its new pricing policy first launched in May, which aims to shield Brazilian consumers from the volatility of international oil prices. Petrobras attributed the latest price adjustments to seasonal reasons. Gasoline reached the end of its peak period of global demand, while the global demand for diesel has been “sustained” and is expected to see a “seasonal spike”. According to the monthly inflation figures released by the national statistics institute (Ibge) on 11 October, the rising price of gasoline (+2.80%) was one of the main drivers of monthly inflation in September.

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