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According to Reuters, Petrobras said in a statement that it will cut gasoline prices at its refineries by about 5% on Wednesday, the first time the company has cut gasoline prices since the end of 2021, which has led analysts to revisit the country's inflation forecasts
.
Petrobras said the average price per liter of gasoline would fall from R$4.
06 to R$3.
86 ($0.
714).
It believes that this is in line with its official policy of linking domestic fuel prices to international prices, but there is still some room
for change during periods of abnormal volatility.
"This reduction comes after the international benchmark price, gasoline prices have stabilized at a low level, in line with Petrobras' pricing policy"
.
After three consecutive price increases this year, including one in mid-March, by about 20%, this move brought the average price back to the level of June
.
Petrobras' Brazil-listed preferred stock rose 0.
9 percent in afternoon trading, slightly ahead of Brazil's benchmark Bovespa stock index
.
JPMorgan cut its inflation forecast for Brazil for 2022, calling the news "unexpected.
"
"We now expect inflation to end the year to be 7.
4 percent higher than the same period last year, instead of the 7.
6 percent we previously forecast," it said.
The revised forecast remains well above the central bank's official inflation target
of 3.
5 percent this year.
