* Brazil's Bovespa falls 1.56 pct, Mexico's IPC up 0.13 pct
MEXICO CITY, Nov 26 (Reuters) - Brazilian state-run oil firmPetrobras fell to its lowest level in more than a year onTuesday, pushing the country's stock market to a nearthree-month low on concerns the government may delay a newpricing policy that could stem losses in the firm's refiningdivision.
Brazil's benchmark Bovespa stock index fell for thefourth session in five, losing 1.56 percent to close at51,446.91, a level it has not closed below since Aug. 30.
Preferred shares of Petroleo Brasileiro SA tumbled 6.29 percent, their biggest daily loss since June 2012,after Finance Minister Guido Mantega said the government mustcarefully analyze a potential fuel price policy that wouldautomatically raise gasoline prices along with inflation.
The company has been forced to import fuel and sell gasolineat a loss due to prices that are kept below global market ratesto help keep inflation in check.
"People were expecting something to happen on (the pricingformula) this year," said Ariovaldo Santos, a trader withH.Commcor in Sao Paulo. "Mantega came out saying it can't beinflationary or add to indexation of the economy, so now there'san expectation that perhaps nothing will come of it."
Petrobras is the heaviest-weighted component of the Bovespa.
Chile's bourse fell for the fifth session in six, toits lowest close in over two months, dragged down by shares ofLatam Airlines and industrial conglomerate Empresas Copec.
Latam Airlines shares dropped 2.43 percent whileEmpresas Copec shed 1.31 percent, after reportinglower-than-expected third-quarter profit on Friday, contributingto the bourse's 1.24 percent loss.
The Ipsa, which is down more than 14 percent this year,closed at 3,671.78, its lowest since early September.
Mexico's IPC index inched up 0.13 percent to close at41,002.68 points, helped by a 3.04 percent rise in shares ofbank Grupo Financiero Banorte.
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