June 5, 2012 / 3:47 PM / 5 years ago

Brazil fuel prices approaching world levels-CEO

RIO DE JANEIRO, June 5 (Reuters) - Brazilian fuel prices are approaching parity with world levels as the price of crude oil falls, Petrobras Chief Executive Maria das Graças Foster told reporters in Rio de Janeiro.

Petrobras' refining unit has been losing money as the government, the company's main shareholder, blocks it from raising the price of gasoline and other fuels, in line with increases in crude oil costs, to help control inflation.

Petrobras has not raised the wholesale price it charges distributors for its main vehicle fuels since 2008. (Reporting By Jeb Blount; Editing by Gerald E. McCormick)

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