March 12, 2020 / 3:56 PM / 25 days ago

Petrobras cuts fuel prices in Brazil for first time since oil price collapse

RIO DE JANEIRO, March 12 (Reuters) - Brazil’s state-controlled oil company Petrobras cut fuel prices at refineries in the country for the first time since this week’s oil price collapse, broker INTL FCStone and an association of fuel importers told Reuters on Thursday.

The oil company, which has a near refining monopoly in Brazil, reduced gasoline prices by 0.16 real per liter and cut diesel prices by 0.125 real per liter. The move is expected to pressure ethanol prices in the country, the world’s 2nd largest producer of the biofuel after the United States. Petrobras had no immediate comment. (Reporting by Marta Nogueira; writing by Marcelo Teixeira Editing by Tom Brown)

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