Brazil Senate panel calls hearing on rising fuel prices with ministers, Petrobras CEO - Reuters

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The logo of Brazil's state-run Petrobras oil company is seen at its headquarters in Rio de Janeiro, Brazil October 16, 2019. REUTERS/Sergio Moraes

BRASILIA, Nov 16 (Reuters) - A Brazilian Senate committee will convene a public hearing about rising fuel prices on Nov. 23 with the Mines and Energy Minister, the Economy Minister and the chief executive of Brazil's state-run oil company Petrobras, its members agreed on Tuesday.

The three officials were invited at the request of Senator Fernando Bezerra Coelho, the head of the government in the Senate. Coelho is pushing for additional debate before a vote on a bill introduced by an opposition senator that would create a fund to help blunt the impacts of rising fuel prices.

"This is a very important, very delicate matter," Coelho said during a meeting of the Senate economic affairs committee.

Petroleo Brasileiro SA (PETR4.SA), as Brazil's state-run oil company is formally known, has a policy of pegging domestic fuel prices to international prices. The policy has drawn criticism from politicians and members of the public in recent months, many of whom believe that Petrobras should help foot the bill for increases in the cost of fuel.

Investors are watching the debate around Petrobras closely. The company had been forced to subsidize domestic diesel and gasoline prices under past governments, which resulted in huge losses.

Reporting by Maria Carolina Marcello; Writing by Gram Slattery; editing by Grant McCool

Our Standards: The Thomson Reuters Trust Principles.

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Brazil Senate panel calls hearing on rising fuel prices with ministers, Petrobras CEO - Reuters
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