Petrobras raises diesel prices despite president’s complaints

In Brazil, Reuters reports that despite the president’s pressure on Petrobras to keep diesel prices low as the presidential election season kicks off, even having sacked the last CEO for raising fuel prices in light of the Russian invasion of Ukraine, the new Petrobras CEO has raised diesel prices by nearly 9%. Gasoline prices we kept steady. Last week, the president slammed the oil major for having profits that were too high considering the global energy matrix. As of May 6, the price gap between the global market and Brazilian prices were 21% for diesel and 17% for gasoline. The higher the gasoline price, the more competitive ethanol becomes.