Update – Brazil’s Petrobras cuts fuel prices, pledges agile pricing

Brazil’s state-run oil company Petrobras said on Friday it was cutting fuel prices as part of a new policy tracking international benchmarks more closely after politically driven pricing cost the company billions in recent years.

Petroleo Brasileiro SA, as the company is formally known, will cut prices for diesel by 2.7 percent and gasoline by 3.2 percent, helping to ease consumer inflation and bolstering expectations of an interest rate cut next week.

The new prices will come into effect on Saturday.

Interest rate futures fell in early trading , while preferred Petrobras shares rose 3 percent to touch their highest level in two years as investors cheered a more predictable pricing policy. The transparency could help lure partners in refining projects, BTG Pactual analysts said in a sales note.

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