Actually, government controlled gas/diesel prices hurts petrobras profitability.
When oil prices rise their profit shirinks because the populist Lula da Silva government doesn't allow a proportional increase in gas/diesel prices.
It's at this point the plain, boring, simple fact that Petrobras is a state run company needs emphasizing. Bottom line results are not the be-all-and-end-all of PBR's corporate philosophy. Never have been and never will be. Do you honestly believe that the company will continue to pay enormous dividends to foreign shareholders while at the same time taking out massive debt lines to pay for the capex? If so, you are in for a rude awakening.