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Petrobras Reverses Gasoline Price Hike

Brazilian oil firm Petrobras reversed an earlier price hike announcement after new government tax cuts lowered gasoline costs for consumers by 0.19 real per liter. The tax reduction replaces a previous cash subsidy and more than offsets the end of a prior discount.

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FILE PHOTO: A logo of Brazil's state-run Petrobras oil company is seen at its headquarters in Rio de Janeiro, Brazil October 16, 2019. REUTERS/Sergio Moraes/File Photo

PETROBRAS - PETROLEO BRAS reversed a planned gasoline price hike on Thursday morning, announcing that new federal tax cuts will reduce pump prices by 0.19 real ($0.0372) per liter for consumers in Brazil.
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