RIO DE JANEIRO, July 19 (Reuters) - Brazilian state-run oil company Petrobras said on Wednesday it will reduce prices for the natural gas it sells to distributors by an average 7.1% starting Aug. 1 when compared with the May-July quarter.
Petrobras, which updates natural gas prices quarterly in a bid to reduce short-term volatility, said in a statement the price cut comes in line with global oil prices and foreign exchange rates.
With the move, the oil giant added, its natural gas prices will be down 25% year-to-date. (Reporting by Marta Nogueira, Editing by Louise Heavens)
