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Petroleo Brasileiro Petrobras SA (ADR)(NYSE:PBR) Drops As Fuel-Price Increase Request Rejected

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By on Energy & Solar

Petroleo Brasileiro S.A.- Petrobras (NYSE:PBR) received a rejection to its request for an increase in gas prices from Brazil’s Finance Minister Guido Mantega, according to people close to the discussions, reported Bloomberg. 

PBR has been pushing for pricing flexibility for the past year with constant resistance from Mantega. 

The most recent discussions took place in April and May when Matega told PBR CEO Maria das Gracas Foster that a weaker local currency had helped the state-owned oil company’s short-term finances. PBR’s pricing relief on capped fuel prices was based on concern about a resulting lower rating and higher credit costs. 

PBR is down 2.1% at $13.69 per share which is near the middle of a 52-week price range of $10.20 – $17.97 per share. 

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