By Contributing Reporter

RIO DE JANEIRO, BRAZIL – Petrobras reduced this Saturday the price of petrol sold in its refineries by an average of 4.4 percent, excluding taxes.

Pipeline transportation in a crude oil refinery. (Photo Deposit)

The average fuel price is around R$1.9543 per liter, compared to R$2.0450 in effect since April 29th.

Diesel prices were not changed. While the US$ has risen in recent days in the country, fuel prices benefited from the drop in oil prices in the international market.

In May alone, the oil price dropped by 4.8 percent and was valued at $68.69 a barrel on Friday.

Petrobras regulates fuel prices based on factors such as international oil pricing and the exchange rate, although a system in place since September provides for the use of hedge operations to allow for a greater gap between readjustments.

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