Petrobras reports lower gas, diesel sales for 2003

Brazil's federal energy company Petrobras this year registered declines of 5.5% and 5% in sales of gasoline and diesel respectively, the company said. Rogerio Manso, Petrobras's supply director, attributed the results to the country's economic crisis as well as to competition from companies that have been authorized to import fuel products. The drop in consumption was partly accountable for an improvement in Petrobras's external accounts. According to Manso, the company will have a current account deficit of some US$470mn this year, compared with a $1.2bn deficit in 2002. by Nicola Pamplona