Petrobras (PBR) will hold off on raising retail fuel prices in Brazil despite the war-driven surge in global oil markets, CEO Magda Chambriard told Bloomberg in an interview on Monday.
"We have to be sure this is not a quick tendency and that the scenario is reasonably stable to allow us to go in the right direction," the CEO said, pledging the company would wait and see if and for how long crude prices remain elevated before deciding whether to pass those costs along to consumers.
The gap between Petrobras' (PBR) refinery-gate fuel prices and international levels has widened since the Middle East conflict started nine days ago, as the company currently sells diesel and gasoline to the domestic market for 85% and 45% less than international prices, respectively, according to Bloomberg, which cited the Abicom fuel importer association.
The company has felt no political pressure so far to restrain pump prices, Chambriard also said.
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