March 18, 2020 / 4:06 PM / 19 days ago

Brazil's Petrobras cuts gasoline prices again, announces 12% reduction

RIO DE JANEIRO, March 18 (Reuters) - Brazil’s Petrobras on Wednesday cut gasoline prices by 12% at the country’s refineries, the second large reduction in a week, as the state-controlled oil company adjusts to falling global oil prices.

Petrobras, which has a near monopoly of oil refining in Brazil, also reduced diesel prices by 7.5%. Gasoline prices were cut by 9.5% a week ago following a collapse in global oil prices. The move is expected to cut selling margins for ethanol producers, who compete with gasoline at pumps. (Reporting by Marta Nogueira Writing by Marcelo Teixeira in New York Editing by Paul Simao)

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