Brazilian state-controlled Petrobras announced an average 11.1pc reduction to its natural gas prices sold to distributors for the February-April quarter from the prior quarter.
The reduction is part of Petrobras' quarterly review of prices, adjusted for Brent crude and exchange rate variations. The start of 2023 also marks a moment where several Petrobras natural gas contracts reduce the multiplying factor on Brent to 14.4pc from 16.75pc.
