Petrobras Cuts Brazil Natural Gas Prices by 14% Starting August

Petrobras will reduce Brazil’s natural gas prices by 14% starting August 1, citing lower oil prices and a stronger real. The cut marks a 32% decline since late 2022 as the state-run company adjusts prices quarterly.

(Reuters) — Brazilian state-run oil company Petrobras will lower the price of natural gas sold to distributors by an average of around 14% starting August 1 when compared to the previous three-month period, it said on July 28.

Lower oil prices and the appreciation of Brazil's real against the U.S. dollar were factors in the decision to bring down gas prices, the oil giant said in a statement.

Petrobras updates natural gas prices quarterly in a bid to reduce short-term volatility.

Since December 2022, natural gas prices are down by around 32%, including the August price cut, the firm said.