Petrobras to Keep Pegging Fuel to Global Prices, Prates Says
- Petrobras shares rose on the comments and reversed losses
- Prates has made progress in effort to become Petrobras CEO
Petrobras headquarters in Rio de Janeiro, Brazil.
Photographer: Wagner Meier/Getty ImagesThis article is for subscribers only.
Brazil’s state-controlled oil giant Petrobras will continue selling fuel in line with international prices, incoming chief executive officer Jean Paul Prates said on Wednesday.
His comments came as a relief to investors who are concerned that Petrobras will take on expensive fuel subsidies under President Luiz Inacio Lula da Silva. Shares reversed losses and rose as much as 5.6% on the news.