May 25, 2018 / 12:03 AM / a month ago

Brazil government proposes compensating Petrobras 1 billion reais for diesel price cut

RIO DE JANEIRO (Reuters) - The government has proposed to Brazilian state-led oil firm Petroleo Brasileiro SA that the Treasury compensate it for up to 1 billion reais ($274.04 million) in losses if it maintains a 10-percent reduction in diesel prices for 60 days, a source with direct knowledge of the matter said on Friday.

Truckers are protesting across Brazil because of increases in fuel costs, paralyzing many vital sectors of Latin America’s largest economy.

Earlier, a former minister of President Michel Temer’s government who is negotiating with truckers said that the government wants Petrobras to adjust fuel prices on a monthly basis, which would change its current policy of daily changes.

Reporting by Rodrigo Viga Gaier; Writing by Brad Brook; editing by Grant McCool

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