Petrobras yet to set time or size of fuel price hike

Rio De Janeiro

BRAZIL'S state-run oil company Petroleo Brasileiro SA has no date or size for a widely expected increase in the domestic price of petrol and diesel, the company said. In a filing with securities regulator CVM, Petrobras said on Wednesday: "Executives presented the board with indicators to serve as signposts for eventual adjustments in prices; the board oriented for the maintenance in prices."

The company's refining and supply division has lost more than 59 billion reais (S$30.22 billion) since the end of 2010, largely because the government refused to let it raise domestic fuel prices in line with world prices. With its 13 domestic refineries unable to meet all Brazil's rising needs, it must buy fuel abroad, selling imported petrol and diesel at home at a loss.