Gasoline prices will be reduced by an average of 0.12 reais ($0.024) per liter, while diesel will see an increase of 0.25 reais per liter, Petrobras said in a securities filing.
Earlier this year, the firm ditched a more market-based pricing policy in favor of one that gave the firm more flexibility to smooth price swings.
In a statement, CEO Jean Paul Prates said the new commercial strategy had proved successful, "especially in terms of making Petrobras competitive in the market and at the same time avoiding passing on volatility to the consumer."
The company said that the end of seasonally higher global gasoline demand means more product is available and is getting cheaper compared to oil.
While for diesel, Brazil's most-used fuel, "there is sustained global demand, with expectations of a seasonal rise," Petrobras said.
The gasoline price cut should cause Brazil's November inflation rate to drop eight basis points, while the diesel hike has a null impact given its low weight on the IPCA consumer price index, according to calculations made by analysts at Ativa Investimentos.
"However, indirectly, the impact is huge because of the nation's transport network," said Ativa analyst Etore Sanchez, adding that a diesel price hike takes longer to reach the final consumer.
Petrobras also said that its prices for both diesel and gasoline are still down from the end of last year.
