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Petrobras hasn’t changed gasoline prices in Brasil...since mid-2009.
And, it appears that Brasil won't permit higher gasoline prices there...even if it means a decrease of returns in its sovereign wealth fund.
The fund lost 7.4% from the end of March through April 20.
“Society had to benefit in some way from the fact that Petrobras is owned by the state,” said analyst Felipe Salto. “The benefit is to avoid a fuel price increase in a moment of accelerating inflation, even if this affects the company’s shares or the sovereign fund.”
The government is trying to slow the fastest inflation since 2008.
