Petrobras Cuts Refinery Diesel Prices Again, Puts Amazon Basin Potash Rights On Sale

Author: Vandana Singh | August 12, 2022 07:52am

Brazilian state-run Petroleo Brasileiro (NYSE:PBR), also known as Petrobras, will lower refinery gate diesel prices by almost 4% from today, marking the second cut in a week after a drop in international prices.
The company said it would cut diesel prices to 5.19 reais ($1.01) from 5.41 reais, while gasoline prices were kept unchanged.
The oil giant had already lowered diesel prices by 3% last week, the first time in more than a year.
Brazil's Petroleo Brasileiro (NYSE: PBR), also known as Petrobras, said it has begun looking for bidders for its potassium mining rights in the Amazon basin.
The asset is composed of eight mining concessions, four mining requests already granted, and 22 requests for research that are still pending authorization, a total of 34 mining titles.
Petrobras have retained Ernst & Young as its exclusive financial advisor for the potential transaction.
Read the main information about the opportunity here.
Reuters reported that interest in potash mines in Brazil is growing as the mineral is a key fertilizer. The Ukraine war has highlighted the country's dependence on product imports.
Brazil's farm sector relies on imports for 85% of its fertilizer use.
In March, Verde Agritech PLC (OTC: AMHPF) said to accelerate investment to boost output capacity and become Brazil's largest potash producer.
Price Action: PBR shares are down 17.2% at $12.50 during the premarket session on the last check Friday.
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