Brazil’s Ipiranga Halts Refining as Oil Prices Rise

(Bloomberg) — Refinaria de Petroleo Ipiranga SA, Brazil’s second-largest oil company, said it halted refining operations because it can’t raise fuel prices in Brazil enough to cover the cost of imported crude oil.

The shutdown of its refinery is the third suspension in 16 months, the Rio Grande, Brazil-based Ipiranga-based company said in a filing today with Brazil’s securities regulator. Crude oil futures have risen 13 percent since Dec. 30.
Bloomberg