Petroleo Brasileiro SA (PETR4), Brazil’s state-controlled oil company, fell to the lowest in two months after the size of a fuel price increase disappointed investors.
Petrobras, as the Rio de Janeiro-based producer is known, fell 3 percent to 18.53 reais at 10:47 a.m. in Sao Paulo, the lowest since Nov. 30. Brazil’s benchmark index fell 0.9 percent.
The world’s biggest producer in deep waters will increase gasoline prices at refineries by 6.6 percent and diesel by 5.4 percent, according to a regulatory filing yesterday. The Rio de Janeiro-based company said it’s seeking to eventually eliminate the discount between domestic and international prices.
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