July 12, 2018 / 11:05 PM / 8 months ago

Petrobras flexible on timing of fuel price adjustments -report

RIO DE JANEIRO, July 12 (Reuters) - Brazil’s state-run oil company Petroleo Brasileiro is open to discussing the frequency of fuel price adjustments, Chief Executive Ivan Monteiro told Brazilian newspaper Valor Economico, following a nationwide trucker protest in May over rising diesel prices.

In an interview published on Thursday, Monteiro said he would welcome some kind of mechanism aimed at easing fuel price fluctuations, along the lines of the one devised by Chile to protect against swings in the price of copper.

The trucker protest forced the government to cut fuel costs to consumers in part by subsidizing Petrobras, as the company is known. The crisis prompted the resignation of former Petrobras CEO Pedro Parente, who had made independent fuel pricing for the company a condition of his taking the top job. (Reporting by Alexandra Alper; Editing by Richard Chang)

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