Brazilian stocks opened moderately higher Friday as state oil giant Petrobras shares rallied on expectations the government will allow the company to raise fuel prices in the domestic market.

Around 8 a.m. EST , Brazil 's benchmark Ibovespa index of most-traded issues was up 0.7% at 52208 points.

Shares of market heavyweight Petrobras led the way, up 2.5% at BRL19.12.

The firm's board is scheduled to meet Friday to consider a proposal that would allow automatic adjustments to gasoline and diesel prices at regular intervals based on international oil prices, exchange rates and other factors.

The system would replace the erratic, one-off adjustments Petrobras has made in recent years, which have caused the company to lose money selling fuel as domestic prices failed to keep up rising prices abroad.

Mining firm Vale shares were up 0.6% at BRL32.49, building on gains from Thursday after the company announced an agreement with Brazilian tax authorities to settle a longstanding dispute by paying nearly $10 billion in back taxes.

Shares of steel producer CSN were up 1.8% at BRL11.97, while aircraft manufacturer Embraer was down 0.2% at BRL18.14 and meatpacker JBS was off 0.1% at BRL8.34.
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