Brazil's Petrobras to raise diesel prices after oil shock

Company Overview - Petrobras will increase the price of diesel sold to distributors by 0.38 reais ($0.0725) per liter starting March 14 [1] - The average price of diesel charged by Petrobras to distributors will now be 3.65 reais per liter [1] Industry Context - The price hike is a response to a recent spike in oil prices due to the U.S.-Israeli conflict with Iran, which has widened the gap between Petrobras' local diesel prices and international benchmarks to a record level [1] - The Brazilian government has scrapped taxes on diesel while imposing a levy on oil exports to mitigate the impact of higher global prices on local consumers [1] - The price increase is expected to be partially offset for consumers by the government's decision to eliminate diesel taxes [1]