14 November 2011 19:24 [Source: ICIS news]
PORTO ALEGRE, Brazil (ICIS)--Brazil's state-run oil producer Petrobras saw sales volumes for gasoline and diesel increase year on year in the third quarter of 2011, the company said on Monday.
Gasoline sales volumes were 488,000 bbl/day, up by 29% from 379,000 bbl/day in the 2010 third quarter.
The increase in gasoline sales reflected its competitiveness against ethanol as well as the growth of the Brazilian flexible-fuel-vehicles (FFV) fleet, according to a report by the finance and investor relations director for Petrobras, Almir Guilherme Barbassa.
Brazil's FFVs use hydrous ethanol as a stand-alone fuel as well as gasoline.
The report added that Petrobras will raise gasoline prices by 10%, effective as of 1 November, as a result of the weakening of the Brazilian real in the third quarter.
Third-quarter diesel sales were up by 10% to 946,000 bbl/day from 859,000 bbl/day in the third quarter of 2010.
The increase was the result of the growth in the Brazilian economy, in particular the agribusiness sector, according to the report.
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