Petrobras drops 7% and stock market closes at the lowest level since November 2020
The sharp drop in Petrobras shares today generated a 2.90% tumble in the Ibovespa, the main index of the Brazilian Stock Exchange (B3). In addition, the stock market dropped to 99,824.94 and, for the first time since November 4, 2020, ended the trading session below 100,000 points.
The stock's movement is related to the state-owned company's announcement that gasoline and diesel prices will increase for distributors, which was harshly criticized by politicians.
The new values will be valid as of tomorrow (18). The liter of gasoline went from R$3.86 to R$4.06 - a 5.18% increase. For diesel, the increase was from R$ 4.91 to R$ 5.61 per liter - an increase of 14.26%.
