RIO DE JANEIRO, BRAZIL - This week began hectic for Brazilian oil giant Petrobras. On Tuesday, the company announced a diesel price increase of nearly 9% after holding down the price of the fuel for over 80 days, while Moody's upgraded the company's rating yesterday afternoon from "Ba2" to "Ba1."
Earlier on Monday, Minister Paulo Guedes said that ideally the company should be privatized within a 10-year time frame.
The increase in diesel on Tuesday came after the company's president Joaquim Silva e Luna advocated the current model of fuel pricing in Brazil and signaled that he . . .