December 7, 2017 / 4:00 PM / a year ago

Brazil's Petrobras to revise pricing policy for LPG after price spike

RIO DE JANEIRO, Dec 7 (Reuters) - Brazil’s state-controlled oil company Petróleo Brasileiro SA will review its pricing policy for liquefied petroleum gas (LPG), after a 70 percent price spike since June for the fuel which is widely used by Brazilians for cooking.

In a statement on Thursday, Petrobras, as the company is known, said it will review the policy, which currently follows international prices, since “reference markets in Europe have been highly volatile because of winter.”

Petrobras said the 8.9 percent price rise announced this week was the last under the current scheme but did not elaborate on plans for the new policy. (Reporting by Tatiana Bautzer; Editing by Meredith Mazzilli)

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