Rio de Janeiro—Brazilian state-led oil producer and refiner Petrobras cut wholesale domestic diesel and gasoline prices for the second time in less than a month to counter increased competition that has reduced the company’s market share and undermined refinery utilization rates, the company’s downstream director said Wednesday. In a filing with stock regulators submitted late Tuesday, Petrobras said that it would reduce diesel prices at the refinery gate by 10.4% and wholesale gasoline prices by 3.1% as part of the company’s new fuels-pricing policy.
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