Brazil's Petrobras raises industrial LGP gas price 11 percent
BRASILIA, Sept 24 (Reuters) - Brazilian state-run oil company Petroleo Brasileiro SA said on Thursday it will raise the price of liquefied petroleum gas (LPG) for commercial and industrial clients by 11 percent, effective midnight (0300 GMT) on Friday.
The company said the increase does not affect the price of LPG sold in smaller containers for residential uses such as household cooking, which rose 15 percent on Sept. 1.
The increase in LPG for residential use was the first in Brazil in 12 years.
The increase comes as Brazil's real has plunged against the U.S. dollar, forcing up the price of imports. While Brazil has become an important oil producer in recent years, its refineries cannot produce enough LPG for domestic needs, forcing the country to import about a quarter of LPG needs.
A weaker real forces up the price of LPG imports in local currency terms.
The price hike for the final consumer will be around 5 percent, said Petrobras, as the company is known.
About 25 percent of the 7.4 million tonnes of LPG that Brazil uses every year is imported. (Reporting by Alonso Soto; Editing by Leslie Adler)
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