Brazil raises gasoline and diesel prices

The Associated Press

Brazil's state-run oil company says it's raising wholesale gasoline prices by 6 percent and diesel prices by 4 percent.

SAO PAULO (AP) — The slide of Brazil's currency is now hitting the country's drivers.

Brazil's state-run oil company says it's raising wholesale gasoline prices by 6 percent and diesel prices by 4 percent. It's the first price hike since November 2014 by Petrobras, which has a monopoly on wholesale gasoline sales.

Brazil needs to import gasoline and diesel and the weakening of its currency has made those imports more expensive in local terms.

Brazil's real has plummeted about 35 percent against the dollar this year, hitting an all-time low in recent days of over 4-to-1.

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