New Petrobras chief backs gradual fuel-price increases

Fuel prices: Average increase necessary, new Petrobras chief says

EPA/HO/SCANPIX

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By News Wires

 27 February 2012 16:55 GMT

The new CEO of Brazil's state-controlled oil company Petrobras said the company needs to raise fuel prices to keep in step with higher oil prices, while maintaining the practice of buffering pump prices to shield consumers from short-term volatility.

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