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Brazil’s Petrobras to provide $56 million in cooking gas program for the poor By Reuters

by Mike Robinson

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© Reuters. FILEPHOTO: Brazil’s Petrobras oil corporation logo is seen at the headquarters of Rio de Janeiro on October 16. 2019. REUTERS/Sergio Moraes/File Photo

SAO PAULO (Reuters) – Brazilian state-run oil company Petrobras announced late on Wednesday it will provide 300 million reais ($56.23 million) to a 15-month social program that aims to help low-income families to buy cooking gas.

This announcement comes at a time when Brazil is facing rising inflation, fueled by higher food and energy prices.

Petroleo Brasileiro SA (as the company is officially known) stated in a securities filing, that the details of the program were still being evaluated. This included the selection of families to receive the benefits and the search for possible partners.

Joaquim Silva e Luna is the CEO of Petrobras. He stated it reinforces the company’s “social function” in the face of the COVID-19 epidemic. The state-run business considers this an “exceptional, emergency situation.”

Luna said earlier this week in a conference that no changes are planned to the company’s fuel pricing policies. Two sources close to the company said to Reuters that Luna was visiting Brasilia this weekend to meet with government officials to explore possible ways to offset rising prices.

($1 = 5.3349 reais)

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