BRASILIA, Nov 20 (Reuters) - The board of Brazil's state-run oil company Petrobras will delay until next week a meeting about a new pricing formula to narrow the gap between local fuel prices and international ones, Finance Minister Guido Mantega said on Wednesday.
Mantega, chairman of the board, confirmed that the meeting was delayed until Nov. 28 or 29 to allow more time to discuss the new methodology and other subjects.
The new formula is expected to automatically adjust domestic fuel prices in line with international costs. Petrobras has had more than $10 billion in losses over the past couple of years because the government limits what the company can charge domestically for gasoline and diesel, in an effort to contain inflation.
An increase in fuel prices could stoke already high inflation and hurt President Dilma Rousseff's efforts to jump-start an economy that has been stuck in a rut for three years.
Higher consumer prices could also erode Rousseff's popularity ahead of next year's presidential election, which she is widely expected to run.