January 18, 2018 / 1:20 PM / a year ago

Petrobras CEO says change on gas prices purely business decision

SAO PAULO, Jan 18 (Reuters) - The chief executive officer of Brazil’s state-controlled oil company Petrobras, Pedro Parente, said on Thursday the change on the pricing policy for liquefied petroleum gas (LPG) was “purely a business decision.”

Earlier Thursday Petrobras announced changes in the way it calculates final prices for LPG, largely used for cooking in Brazil, which will result in a reduction of 5 percent in prices starting on Friday. The company has been criticized in Brazil for recent increases in prices for the product. (Reporting by Marta Nogueira; Writing by Marcelo Teixeira; Editing by Jeffrey Benkoe)

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