UPDATE 2-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 2-Brazil diesel subsidy program threatens Petrobras, market -FCStone | Reuters 3 Min Read (Adds approval of payment to Petrobras) RIO DE JANEIRO, Sept 18 (Reuters) - Brazil could face a diesel shortage at the end of 2018 as a result of the government’s mispriced subsidy program which has discouraged suppliers, and the state-controlled oil company Petroleo Brasileiro SA may be forced to sell diesel at a loss, broker INTL FCStone said on Tuesday. Brazil’s oil industry regulator ANP said it approved the payment of 871.5 million reais to Petrobras on Tuesday to compensate for the diesel subsidy. Petrobras Chief Financial Officer Rafael Grisolia had earlier told Reuters on Friday that the firm expected to receive 2 billion reais to 2.5 billion reais ($484 million to $605 million) from ANP within two weeks to make up for subsidies. Earlier this year, a nationwide truckers’ protest over rising diesel prices paralyzed Latin America’s largest economy and forced the government to lower d
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