BEIJING, April 12 (Reuters) - Brazilian state oil giant Petrobras SA will increase domestic gasoline prices if international oil prices remain unchanged, its chief executive said on Tuesday.
“If it stays at the current level, we’ll have to increase,” Petrobras Chief Executive Jose Sergio Gabrielli told reporters on the sidelines of a business seminar in Beijing.
Current gasoline prices in Brazil were based on oil trading at about $65-$85 per barrel, he added.
ICE Brent crude for May delivery LC0c1 fell to about $120 per barrel on Tuesday on concern that high fuel prices will reduce demand. [ID:nL3E7FC04S]
Rising gasoline prices could worsen inflation in Brazil, which is already close to a government ceiling. In the 12 months through March, inflation hit 6.3 percent. (Reporting by Raymond Colitt; Editing by Chris Lewis)