In a public hearing, yesterday, before the Senate Economic Affairs Commission, the president of Petrobras (Brazilian Petroleum, S.A.), José Eduardo Dutra, said that Brazil may become self-sufficient in petroleum production next year.
Dutra states that the company forecasts a 14.5% increase in production in 2005 in comparison with last year.
When asked about alterations in fuel prices, Dutra affirmed that he is accompanying the evolution of prices on the international market and awaiting a clearer definition on this matter.
He claimed that the price of petroleum in Brazil is competive and in line with the world market.
“Our policy is not based on transferring short-term volatility to consumers. There are times when our price is higher, there are times when it is lower, but over the course of the year our price adheres to the international market price,” he said.
Translation: David Silberstein