Petrobras raises diesel prices and puts Bolsonaro to the test

(Reuters) – Brazil’s state oil company Petrobras said on Monday it will raise diesel prices at refinery gates from Tuesday.

The move comes less than a week after President Jair Bolsonaro had urged the company not to raise fuel prices again, arguing that it could bankrupt Brazil and cause what he called a “seizure.” national”.

Petróleo Brasileiro SA, as the company is formally known, said in a statement that diesel prices will increase from 4.51 reais per liter to 4.91 reais ($0.9580) per liter.

Petrobras said the price hike, the first in two months, was necessary to bring it in line with international diesel prices when global supply is tighter.

(1 dollar = 5.1250 reais)

(Reporting by Gabriel Araujo; Editing in Spanish by Juana Inés Casas)

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