Brazil's Petrobras to raise gasoline and cooking gas prices amid inflation concerns - Reuters

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People walk in front of the Brazil's state-run Petrobras oil company headquarters in Rio de Janeiro, Brazil, October 16, 2019. Picture taken October 16, 2019. REUTERS/Sergio Moraes/File Photo

RIO DE JANEIRO, Oct 8 (Reuters) - Brazilian state-run oil company Petrobras (PETR4.SA) announced on Friday it will raise gasoline and cooking gas prices at the refinery starting on Saturday, at a time when high energy prices has been weighing on inflation.

According to Petroleo Brasileiro SA (PETR4.SA), as the company is formally known, gasoline prices will rise to 2.98 reais ($0.5411) per liter from 2.78 reais, while cooking gas will go up to 3.86 reais per kg from 3.60 reais.

Petrobras said this marks the first adjustment to gasoline prices in 58 days and the first one for liquefied petroleum gas (LPG) in 95 days.

It added that the pricing changes come on the back of higher international oil prices and a stronger U.S. dollar.

Brazil's consumer prices rose in September at the fastest pace for the month since 1994, with rising fuel and electricity prices largely to blame.

($1 = 5.5073 reais)

Reporting by Rodrigo Viga Gaier; Writing by Gabriel Araujo Editing by Marguerita Choy

Our Standards: The Thomson Reuters Trust Principles.

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