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Petrobras cuts fuel prices after tax return in Brazil; stock drops 4%

Petrobras announced on Tuesday (Feb. 28) the reduction of gasoline and diesel prices starting today (Mar. 1) for distributors. The measure comes one day after the government agreed to resume taxation on fuel, despite political pressure.

Petrobras shares fell 3.48% (PN) and 4.39% (ON) at the close of Tuesday after the announcement of price cuts for distributors, with investors getting rid of the papers.

According to Petrobras, starting this Wednesday, the . . .

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