Brazil Petrobras seeks 15% fuel price hike – report

Fox Business/Dow Jones Newswires, 11/21/2012

Brazil’s state-controlled oil company Petroleo Brasileiro SA (PBR, PETR4.BR) is seeking a fuel price hike of up to 15% in order to finance its investment program in the coming years that will require billions of dollars, Folha de S. Paulo newspaper reported Wednesday.

The hike in fuel prices will take place from next year onward, but Petrobras is still evaluating if there should be a one-off increment in February or if the hike should be divided into two phases, with the first part in February and the other in August.

The increase in prices will hit gasoline and diesel, according to the report, which didn’t say where it got its information.

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