Petrobras cuts gasoline prices 12%, second cut in two weeks

In Brazil, Reuters reports that for the second time in two weeks, Petrobras has cut gasoline prices in line with falling oil prices globally. The cut announced Wednesday is 12% while last week saw a first cut of 9.5%. Brazilian sugar mills have been benefiting from record high prices for ethanol thanks to high gasoline prices and low supplies during the inter-harvest period but that will now come to a stop as drivers switch back to cheaper gasoline.