Petrobras Stock Price Slips After Diesel Hike as Brazil Export Tax Blunts Oil Rally
Petrobras shares fell Friday after the company announced a diesel price hike for distributors starting March 14, raising the average distributor price to 3.65 reais per liter. The move comes as Brazil’s government scrapped federal diesel taxes and imposed a 12% crude export levy. Petrobras said it would join a voluntary diesel subsidy program, pending regulatory details. The company reported a fourth-quarter net profit of 15.6 billion reais last week.