Petrobras ( NYSE: PBR ) +1.6% pre-market Tuesday after saying it will raise gasoline prices by an average 7.5% to 3.31 reais ($0.6391) starting Wednesday, the Brazilian oil company's first gasoline price increase since June; diesel prices will remain unchanged.
The announcement came as Petrobras ( PBR ) said its board will meet Thursday, when members are expected to vote on the nomination of Jean Paul Prates as the company's next CEO.
Newly elected Brazilian President Luiz Inacio Lula da Silva's pick for the CEO role, Prates has said previously he did not intend to unlink Petrobras' ( PBR ) fuel prices from those of international markets, but would "unlink them from import parity."
Separately, Petrobras ( PBR ) said it received a 313M reais earnout payment from TotalEnergies ( TTE ) related to the transfer of rights to produce oil from Brazil's Atapu oil field.
Petrobras ( PBR ) continues to trade at a substantial discount as a result of the risks faced by the Brazilian government, The Value Portfolio writes in an analysis published recently on Seeking Alpha .
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Petrobras raises gasoline prices as board set to vote on new CEO