Brazil's Government Hiked Fuel Prices by 27%

Associated Press

Brazil's government raised the retail price of gasoline by 27% to thje equivalent of $2.09 a gallon.

Similar increases were decreed for other petroleum derivatives such as diesel oil, cooking gas and airplane fuel. Brazil imports about 45% of its oil.

The pump price of pure alcohol fuel, which Brazil has developed as a substitute for petroleum-based fuels, also went up 27% to $1.36 a gallon.

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