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New Petrobras CEO Promises Free Market Fuel Prices in Brazil

By Lise Alves, Senior Contributing Reporter

RIO DE JANEIRO, BRAZIL – The increase in competition in the oil sector will benefit Brazilian consumers, said the new president of Petrobras, Roberto Castello Branco, on Thursday (January 3rd), after taking office.

"The greater the competition, the more benefits for the consumer. If we have a single producer, it will not be good for the consumer, "said Castelo Branco.

According to the official the old strategy of keeping fuel prices artificially low is over. "Petrobras will follow the international parity price, without subsidies and without exploitation of a monopoly,” added Subscribe to our Premium Membership Plan. Already Subscribed?

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