Brazil’s state oil company Petrobras said on Thursday it will cut gasoline prices at its refineries to 3.71 reais ($0.7110) a liter from Friday, down 4% which will take prices to a minimum since March.
It’s the oil giant’s second gasoline price cut this month and comes after it faced intense pressure from President Jair Bolsonaro and federal lawmakers to lower prices, amid rising inflation and before October general election.
Petrobras, which pegs the value of its local fuels to international oil prices and the exchange rate, said in a statement that the decision was in line with its pricing policy.
“This reduction follows international reference prices, which have stabilized at a lower level for gasoline,” Petroleo Brasileiro SA, as the company is formally known, said.