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By Chesney Hearst, Senior Contributing Reporter

RIO DE JANEIRO, BRAZIL – Petrobras announced last Friday, November 29th, that the state-controlled oil company would be increasing fuel prices for the third time this year. The price hikes, which went into effect over the weekend, will represent four percent for gasoline and eight percent for diesel, and the impact on prices at the pump is estimated to reach R$0.05 per liter.

Fuel prices had previously been maintained at a stable level in an effort to curb inflation. In January, Petrobras raised prices by 5.4 percent for gasoline and 6 . . .

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