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Government Considers Fuel Price Hike

By Andrew Willis, Contributing Reporter

RIO DE JANEIRO, BRAZIL – The first quarterly loss in thirteen years at state-controlled oil company Petrobras has sparked a debate within the Brazilian government over the need for a rise in fuel prices, with ministers delivering conflicting messages last week. On Wednesday (August 8th), Brazilian Mines and Energy Minister Edison Lobao said that a price adjustment was necessary and a real possibility, but added that no decision had been made yet to authorize one.

The comments led to a rapid rise in Petrobas share prices, however just hours later, Finance Minister Guido Mantega appeared . . .

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