Brazil’s state-led oil company Petrobras said late Monday that it would raise the wholesale price of liquefied petroleum gas (LPG) by 15 percent effective Tuesday, the first price adjustment for the essential cooking gas in 13 years.
Earlier on Monday Reuters reported that Petrobras had informed distributors of the gas-price increase, which is effective for delivery at the refinery gate at 0:00 a.m. (0300 GMT) Tuesday.
The move is part of efforts by Petroleo Brasileiro SA , as Petrobras is formally known, to reduce losses on fuel sales, a Petrobras source said, requesting anonymity because of a lack of authorization to speak to the press.
The increase also comes as Brazil’s government struggles to cut spending, hold down inflation and restart an economy hamstrung by a plunge in world commodity prices and a corruption scandal that has partly paralyzed its oil industry and major construction firms.
Brazil Energy Insight 
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