UPDATE 1-Brazil diesel subsidy program threatens Petrobras, market -FCStone [Reuters]
Petroleo Brasileiro S.A.- Petrobras American Depositary Shares (PBR.A)
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Source: Reuters
UPDATE 1-Brazil diesel subsidy program threatens Petrobras, market -FCStone | Reuters 2 Min Read (Adds quotes, link to interview, fuel import estimates) RIO DE JANEIRO, Sept 18 (Reuters) - Brazil could face a diesel shortage at the end of 2018 or state-controlled oil company Petroleo Brasileiro SA may be forced to eat losses on fuel sales thanks to a diesel subsidy program, analyst and broker INTL FCStone said on Tuesday. The program, unveiled in May to halt a truckers’ strike over rising diesel prices, set prices too low and has yet to pay out compensation to most diesel importers, FCStone said in a statement. “Private imports are paralyzed, and Petrobras is practically the only agent bringing the product to Brazil,” FCStone said. That means most companies have stopped selling the fuel, forcing Petrobras to supply most of the market at a loss and raising the specter of a shortage in the coming months, the commodity broker added. “Unless oil regulator ANP raises diesel prices and star
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