-- Petrobras (PBR), a Brazilian state-owned oil company, is set to raise the price of jet fuel sold to distributors by 18%, starting May 1, local newspaper Valor Economico reported on Friday, citing sources familiar with the matter.
This comes just weeks after the company hiked jet fuel prices by 54.8% at the start of this month, citing surging global oil prices, amid the ongoing military conflict in the Middle East.
The company tweaks its pricing for jet fuel on a monthly basis, based on global oil prices and currency exchange rates, according to a Reuters report.
To help deal with the sharp rise in prices, the company has reportedly said that it would allow distributors to pay for the increase in installments.
Petrobras did not immediately respond to' request for a comment on this story.
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