September 4, 2017 / 2:37 PM / a year ago

Brazil's Petrobras hikes September gasoline price by 10 pct total

SAO PAULO, Sept 4 (Reuters) - Brazil’s state-controlled oil giant Petroleo Brasileiro hiked gasoline prices again on Monday, bringing the total increase for September to 10 percent after Hurricane Harvey shut refineries and sent fuel benchmarks up.

Petrobras, as the company is known, boosted gasoline prices by 3.3 percent and diesel by 0.1 percent starting Tuesday, after a meeting of its Executive Group on Market and Prices, which gathers monthly and when fuel price adjustments exceed 7 percent in a month.

It was the first time the group met because of a large price hike since the new pricing policy was set in July. The policy, which lets the company shift prices more quickly, is aimed at allowing Petrobras to recoup market share lost to competitors.

Before the Monday announcement, Petrobras had already lifted gasoline prices by 4.2 percent and 2.7 percent, while it had raised diesel prices by 0.8 percent and 4.4 percent.

“In the last week, due to the impact of Hurricane Harvey on the operation of refineries, pipelines, and oil and oil terminals in the Gulf of Mexico, the derivatives markets suffered intense price variations,” Petrobras said on Monday.

The storm roared into Texas last month, crippling ports along the U.S. Gulf Coast and flooding oil refineries, resulting in million barrels of gasoline and distillates in lost production. (Writing by Alexandra Alper; Editing by Nick Zieminski)

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