Brazil’s state-owned Petrobras, the largest oil company in Latin America, announced Thursday (Sept. 1) a R$0.25 reduction in the price of gasoline for distributors.
The price will drop from R$3.53 to R$3.28 (US$0.65) per liter.
This is the third reduction announced by the Rio-based company in 30 days. The new price will be effective from Friday (Sept. 2).
“This reduction follows the evolution of reference prices and is in line with Petrobras’ pricing practice, which aims to adapt its prices to the market, but without transferring the volatility of international quotations and the exchange rate to domestic prices,” a statement from the state-owned company said.