Gasoline Price is over $5.50/gallon in Brazil. I am not sure how PBR lose money on import. It’s not like Venezuela where price is $0.06; subsidized by government. In long run this company will make ton of money once exploration and refining capacity in increases.
Price of gas is dictated by the President, Dilma Rouseff, communist red shirt friend of Fidel Castro. Dhe has decided to keep the price that Petrobras gets with the advice of her communist Finance Minister, Chairman of the Board of Petrobras, Guido Mantega! to sell imported product below cost and hide losses with caustic hedge accounting. massive losses on FX coming with huge cost overruns and credit downgrades? PBR will dilute again, and try to issue more debt yet faces a 32% chance of a BK as local analyst in the States predicts. Sub 5 is coming soon as nobody in Brazil believes Graca Foster. She could not get the auto price adjustments from Dilma and is viewed as an empty suit PT sock puppet of Dilma and Guido.