September 17, 2019 / 2:00 AM / a month ago

Brazil's Petrobras says won't immediately adjust fuel prices in response to Saudi attack

FILE PHOTO: A logo of the Brazil's state-run Petrobras oil company is seen in Rio de Janeiro, Brazil March 25, 2019. REUTERS/Sergio Moraes

RIO DE JANEIRO (Reuters) - Brazil’s Petrobras has decided not to immediately hike fuel prices in response to the recent attacks on oil facilities in Saudi Arabia, the state-run oil firm said on Monday.

“Recognising that oil prices are volatile and that sudden price reactions to events can be lessened as more clarity about the impacts on production come to be known, Petrobras has decided to observe market movements in the coming days and not make an immediate price adjustment,” the firm said in a securities filing.

“The company will keep following market developments and will decide on the next price adjustment at the appropriate time.”

Reporting by Gram Slattery; Editing by Shri Navaratnam

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