Brazilian state-run oil company Petrobras will lower the price of natural gas sold to distributors by an average of around 14% starting August 1 when compared to the previous three-month period, it said on Monday.

Lower oil prices and the appreciation of Brazil’s real against the U.S. dollar were factors in the decision to bring down gas prices, the oil giant said in a statement.

Petrobras updates natural gas prices quarterly in a bid to reduce short-term volatility.

Since December 2022, natural gas prices are down by around 32%, including the August price cut, the firm said.

Source: Reuters