Petrobras Cut Petrol Prices For the First Time Since April

The producer price of gasoline at Petrobras refineries will be cut by 4% from July 31, and the price of diesel will remain stable, the press office of petrobras said Tuesday. The adjustment is the first time that Petrobras has cut fuel prices since mid-April.

Global crude oil prices hit a 20-year low in April as a result of the COVID-19 outbreak. On April 20, light crude futures for May delivery collapsed on the New York Mercantile Exchange, closing at $37.63 a barrel, after falling into negative territory for the first time. In the months since, brent crude has rallied 120 per cent on the international market. However, as the global COVID-19 epidemic cannot be effectively contained, the market is generally pessimistic about the continued increase in fuel demand, leading to the weakening of the rebound in crude oil prices. On the other hand, news that Opec and Russia are expected to start pumping more oil in August has investors worried about a return to oversupply. The decision by Petrobras to cut prices was made against this backdrop.

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