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Petroleo Brasileiro (Petrobras) S.A. slashed the price of marine gas oil (MGO) across all Brazilian ports on Thursday - less than 24 hours after the company's Markets and Pricing Executive Committee decided to cut the price of diesel and gasoline sold at its refineries.

The Brazilian energy firm reduced the price of diesel - a middle distillate - by 10.4 percent on Wednesday, whilst gasoline prices were cut by 3.1 percent.

On Thursday, the company's bunker division kept the price of intermediate fuel oil (IFO) unchanged in all Brazilian ports, whilst marine distillate prices were slashed by $70 - at a similar percentage rate to diesel.

At the port of Santos, the price of MGO fell $70, or 10.3 percent, to $670.50 per tonne. In Rio de Janeiro, MGO dropped $70, or 10.5 percent, to $594.50 per tonne.

"The combination of a 12.1% fall in the international prices of oil and oil products between October 14 and today and the reduction in the company's domestic market share has impacted the usage level of Petrobras' assets, especially its refineries, its inventory levels and also its flows of imports and exports. These variables justified a greater correction in the diesel price than in the gasoline price," Petrobras said in an announcement on Wednesday.

Petrobras added: "The methodology defined by Petrobras provides for adjustments to the prices charged at its refineries at least once a month, following analysis by the committee, made up of the company's CEO, refining and natural gas director, and finance and investor relations director.

"The aim is to enable Petrobras to implement a competitive pricing policy that reflects movements in the international oil market in shorter periods."