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Brazil's Petrobras to cut gasoline prices by 4.9% from Tuesday

Adds details, context SAO PAULO, Aug 15 (Reuters) - Brazilian state-run oil company Petrobras PETR4.SA on Monday said it would lower refinery gate gasoline prices by 4.9% from Tuesday, the third cut in less than a month following a drop in international benchmark prices. Petroleo Brasileiro SA, as the company is formally known, said on its website it will cut prices to an average of 3.53 reais ($0.6939) per liter from 3.71 reais, taking them to the lowest level since mid-March. The cut followed benchmark prices lower and was "in line with Petrobras' pricing policy," the company said, repeating the language it has been using since last month, when it lowered prices for the first time in 2022. The oil giant, which pegs local fuel prices to international rates including global oil prices and foreign exchange, has also announced two diesel price cuts so far this month. Brazil needs lower fuel prices to curb high inflation. They would also give a boost to President Jair Bolsonaro as he trails former President Luiz Inacio Lula da Silva in opinion polls ahead of an October election. ($1 = 5.0872 reais) (Reporting by Gabriel Araujo; Editing by Steven Grattan and Barbara Lewis) ((Gabriel.Araujo2@thomsonreuters.com; +55 11 5644 7745;)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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