Petrobras Cuts Fuel Prices at Refineries After Sharp Drop in Crude Oil

RIO DE JANEIRO, BRAZIL – Petrobras cut gasoline prices from its refineries by 9.5 percent and diesel prices by 6.5 percent after the sharp drop in crude oil prices worldwide.

The drop follows the sharp reduction in the commodity’s price on the international market.

Petrobras (PETR3;PETR4) reported on Thursday, March 12th, that it has reduced the price of gasoline by 9.5 percent, or R$0.1600 a liter, and diesel by 6.5 percent, at R$0.1250 a liter in all markets. The drop follows the sharp reduction in the price of oil on the international market.

Since the start of the year, the commodity has been dropping in price because of the Covid-19 coronavirus, which is threatening global economic growth, and has changed levels in recent days due to a tug-of-war between Russia and Saudi Arabia over the volume of oil available in the market.

On Thursday, the a barrel of Brent Crude oil was costing around US$33, after opening March at approximately US$50.