Weaker Brazil real may lead to Petrobras fuel price hike -CEO

BRASILIA Wed Nov 21, 2012 2:04pm EST

BRASILIA Nov 21 (Reuters) - Further weakening of Brazil's currency against the dollar could raise pressure on Brazil's government to allow state-led oil company Petrobras to increase fuel prices, Chief Executive Maria das Gra├žas Foster told reporters in Brasilia.

Petrobras posted its first loss in 13 years in the second quarter and recorded a disappointing third-quarter profit because the government won't let it raise the price of gasoline and diesel fuel in Brazil in line with world crude oil prices.

Brazil's real has weakened 11 percent this year.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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