Brazil's Petrobras to cut natural gas prices by 11.1%

SAO PAULO (Reuters) - Brazilian state-run oil company Petrobras will cut natural gas prices by an average 11.1% starting Feb. 1, it said on Tuesday on its website.

Petroleo Brasileiro SA, as the company is formally known, updates natural gas prices on a quarterly basis, pegging them to international oil prices and foreign exchange rates.

(Reporting by Gabriel Araujo; Editing by Steven Grattan)