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Los Angelas, CA -- (SBWIRE) -- 03/06/2013 -- Petroleo Brasileiro Petrobras SA (ADR) (NYSE:PBR) is a Brazil-based integrated oil and gas company. The Company divides its activities into six segments: Exploration and Production; Provision; Gas and Energy; Biofuel; Distribution, and International. Directly or through its subsidiaries, Petrobras is engaged in the research, extraction, refining, processing, trade and transport of oil from wells, shale and other rocks, its derivatives, natural gas and other liquid hydrocarbons, as well as in activities related to energy, development, production, transport, distribution and commercialization of energy. The Company is active in Brazil and in 24 countries abroad, with projects situated on five continents.
The Company soared over 12% in pre-open session on hefty volume as the company has announced to raise the wholesale price of diesel fuel 5 percent effective at midnight in order to combat losses from selling fuel at prices below world-market levels.
The latest increase in price would be applicable to all diesel fuel sold to distributors at the refinery gate and would be applied to the price before taxes. Distributors can pass on the increase to their customers or not.
There is no doubt that Diesel is Brazil’s most-used motor fuel, powering most of the country’s trucks, railway locomotives and heavy machinery.
Losses on fuel subsidies have crimped cash for investment as the company moves ahead with a $237 billion five-year investment plan, the world’s largest corporate spending program.
The company had announced spike in prices of fuel twice in 2012, but still the company posted its first loss in 13 years in the second quarter and the refining unit of the company, Brazil’s only refiner, racked up 22.9 billion reais (US$11.7 billion) of losses in the year.
How Should Investors Trade PBR After Today’s Rally? Find Out Here
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