PETROBRAS: Government Will Not Change Current Fuel Price Policy, Parente Says

(RTTNews) - The Brazilian government will not change Petrobras' fuel price policy, according to the state-owned oil company president, Pedro Parente. His remarks came after a meeting with the Brazilian Finance and Energy ministers, Eduardo Guardia and Moreira Franco.

"There was no way that the objective [of this meeting] was for the government to ask for changes in Petrobras' fuel price policy," Parente said.

He added that higher fuel prices in Brazil are a consequence of the dollar strength and an increase in oil prices. "Therefore, there was no discussion about the pricing policy."

Parente also said that the meeting was to provide more information to the Brazilian government about the fuels market so that policymakers could discuss and adopt measures on that front eventually.