Brazil's president orders curbs on oil product prices

08/12/2002
Brazilian President Fernando Henrique Cardoso has ordered the country's National Petroleum Agency (ANP) to curb hikes in oil products prices. Last Jan. 1, the government had opened the market to refined products imports and linked domestic prices to the fluctuation of international oil prices through a price trigger mechanism.Now, with the government's promarket candidate Sen. Jose Serra trailing behind leftist Luis Inacio Lula da Silva and center-left presidential candidate Ciro Gomes for next October's general elections, Cardoso has decided to index prices.The government's biggest concern is with LPG, used mainly in Brazil for cooking.LPG prices rose 32% during the first...
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