Brazil's Petrobras to cut fuel prices, Bolsonaro says

© Reuters. FILE PHOTO: People walk in front of Brazil’s state-run Petrobras oil company headquarters in Rio de Janeiro, Brazil, October 16, 2019. REUTERS/Sergio Moraes

SAO PAULO (Reuters) – State-run oil company Petrobras will start lowering fuel prices as early as next week, Brazilian President Jair Bolsonaro said in an interview on Sunday published in news website Poder360.

Bolsonaro did not give details about the move, but explained that the price reductions should continue into the next few weeks.

“Petrobras begins this week to announce a reduction in the price of fuel,” Bolsonaro said.

Petroleo Brasileiro, as the oil company is formally known, did not have an immediate comment.

High energy prices, including diesel, gasoline and electricity, have pushed inflation in Latin America’s largest economy to the double digits.

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