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Petrobras to cut gasoline and diesel prices

Published 11/09/2016, 09:09 AM
Petrobras to cut gasoline and diesel prices
PBR
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  • Petrobras (NYSE:PBR) says it will cut prices for gasoline and diesel, after more than a year of using its near-monopoly in the domestic fuel market to shore up its cash flows.
  • The company's board says it will reduce the price of diesel and gasoline sold at its Brazilian refineries by a respective 10.4% and 3.1%, adding that the price cuts reflect a drop in international oil prices in recent weeks.
  • PBR says if the full reduction is applied by distributors and gas stations, diesel prices may fall up to 6.6% and gasoline prices by as much as 1.3%.
  • PBR -5% premarket as emerging market companies appear headed for broad losses today.

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