Fuel Giant Ultrapar’s Profit Jumps 151% as Brazil Cracks Down on Fuel Fraud

Ultrapar, the parent company of Brazil's Ipiranga fuel-station network, reported a 151% year-over-year increase in first-quarter net profit to R$914 million, driven by Brazil's crackdown on fuel fraud. The company's subsidiaries include Ultragaz, Ultracargo, and other energy-related operations.