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Petrobras to use gasoline price hedging program

Brazil's state-controlled Petróleo Brasileiro S.A. - Petrobras is planning to use a gasoline price hedging program to increase its flexibility in times of market volatility, the company said Sept. 5.

Petrobras said the program will allow it to change the frequency of pricing adjustments in the domestic market, keeping them stable for short periods of up to 15 days at a time.

In early June, Pedro Parente resigned as Petrobras CEO. Parente was working to reduce the company's massive debt and had implemented a market-based fuel pricing mechanism. Parente stepped down June 1 in the wake of oil and trucking workers' strikes held in protest of rising fuel prices.