Brazil’s Petrobras increases natural gas prices to distributors by 19%

(Reuters) – Brazil’s state-run oil company Petrobras (PETR4.SA) said on Friday it will increase natural prices for distributors in the country by an average 19% starting May 1.

According to Petrobras, the adjustment follows the updating of formulas agreed with distributors, based on the variation of gas prices, Brent oil and the exchange rate.

The quarterly update of gas prices and the annual update for transportation reduce short-term volatility and ensure predictability and transparency, the state-owned company said in a statement.

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