Brazil’s Petrobras cuts fuel prices under new pricing policy

Brazil’s state-run oil company Petrobras said on Friday that its board agreed to cut prices for diesel by 2.7 percent and gasoline by 3.2 percent under a new policy which will track international prices more closely, the company said in a filing on Friday.

Petroleo Brasileiro SA, as the company is formally known, said the decision to cut prices at refineries was partly due to rising fuel imports. The new prices will come into effect on Saturday. (Reporting by Stephen Eisenhammer, Editing by Franklin Paul)

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