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Petrobras Says Recent Fuel Hike Only Partially Covers Price Gap

BRAZIL
  • Petrobras Says Recent Fuel Hike Only Partially Covers Price Gap (BBG)
    • Increase in domestic fuel prices announced on March 11 reflected “only part of the rise in international oil price levels, which were strongly impacted by limited supply due to the global demand for energy,” Petrobras said in a statement.
    • Despite reports yesterday from Globo about a CEO change, Brazil President Bolsonaro said overnight that he has no control over Petrobras and that he can’t change the CEO or directors of the state-owned company. Petrobras is mostly independent, he said during a social media broadcast.
  • Released just now - *Brazil Jan. National Unemployment Rate 11.2%; Est. 11.3% (BBG)
  • The bounce in oil prices as well as higher equities have underpinned strength for the Real with USDBRL loitering just above the psychological 5.00 mark. Scope is seen for a move towards 4.8934, the Jun 25, 2021 low. Resistance is unchanged at 5.2190, the Mar 2 high.
  • Brazil President Jair Bolsonaro is unveiling a package of social spending that will inject 165 billion reais ($32.4 billion) into the economy as he redoubles efforts to boost support ahead of this year’s elections.
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