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Article: Petrobras maintains prices and affects private refineries.
- Article from:
- South American Business Information
- Article date:
- July 1, 2002
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Brazil, Jun 28, 2002
The high in the xchange rate of the dollar is causing profitability problems for Brazil's only two private oil refineries, Manguinhos and Ipiranga, which are finding themselves unable to compete with Petrobras. The problem for the refineries is that they buy petroleum in dollars, but passing on the higher costs to consumers means that they will lose customers to Petrobras. The other companies which have received authorization to import petroleum products are not doing so, for the same reason: they cannot compete with ...