Petrobras Gas Sales Reach Record

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Petrobras, Brazil's state-run oil company, said its gasoline sales in Brazil reached a record in December as the fastest-growing economy in South America helped spur demand for fuels. The company sold an average of 399,000 barrels of gasoline per day last month, topping the previous record set in March 2010.

Petrobras (PBR) said gasoline sales for the full year rose by nearly 18% when compared to the 2009 level. Higher sugar prices have caused ethanol prices to climb in recent months, making gasoline more attractive to drivers of Brazil's flex-fuel fleet of cars and trucks, according to the Wall Street Journal.

Petrobras also said its sales of aviation fuels reached a record last month as more Brazilians have started traveling via commercial planes. The company sold an average of 119,000 barrels of aviation fuel per day, a 4.9% increase from the previous record set in July, the Journal reported.

For the full year, sales of aviation fuels surged 16.6% compared to 2009's sales, Petrobras said.