Petrobras pronounces a 6% discount in diesel on the refinery, R$ 0.30 per liter
- September 20, 2022
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Petrobras announced today a reduction in the price of diesel for distributors. As of tomorrow, the price will drop from R$5.19 to R$4.89 per liter, a variation of 5.78%. It is not possible to say if and how the decrease will reach the final consumer, since the transfer depends on each reseller. The other fuels had no announced cuts.
According to Petrobras, the reduction “follows the evolution of reference prices”, the company said in a note.
If the mandatory mixture of 90% diesel A and 10% biodiesel is considered for the composition of the diesel sold at the gas stations, Petrobras’ share of the consumer price will increase from R$ 4.87, on average, to R$ 4.67 for every liter sold at the pump, the company said in a statement.
In the week between September 11 and 17, the average price of a liter of diesel at the pumps was R$ 6.84, according to the ANP (National Agency for Petroleum, Natural Gas and Biofuels) price survey.
The last reduction was on August 12, when the price of a liter of diesel at distributors was R$5.19. Before, there was a reduction on August 5, with the liter being resold at R$ 5.41 at the refinery. Last Monday (12), the state-owned company announced a drop in the sale price of LPG (liquefied petroleum gas), cooking gas.
This reduction in diesel takes the fuel market by surprise. Analysts and executives had expected further reductions in gasoline, whose international prices have shown more resilient declines and less volatility.
In the case of diesel, the interpretation was that the fluctuations in international quotations of the derivative and its detachment from the price of the barrel made reductions in domestic prices “unlikely”.
Reductions in fuel prices occur after Petrobras changed the fuel readjustment dynamics. In a statement in July, the state-owned company said that the company’s board of directors and fiscal council will now supervise the execution of the pricing policy.
For this, the executive board of the state-owned company —which is responsible for determining fuel adjustments— should inform the two councils, every three months, about the evolution of diesel, gasoline and gas prices in Brazil, in addition to the participation of Petrobras in each market.
According to experts in the oil market, the change increases the pressure of the federal government on price decisions.
Since July, states have been reducing the ICMS rate on fuels in compliance with the law passed in Congress and sanctioned by President Jair Bolsonaro that limits the percentage of tax on these products and services, which are now considered essential.
In addition to fuels, natural gas, electricity, communications and public transport are impacted by the rate reduction.
The move was an attempt by the government to stop the rise in prices in Brazil, especially fuel. Earlier this month, members of Centrão came to assess that Bolsonaro could lose the elections if the government fails to lower fuel prices and began to press for some measure to be taken.
On Twitter, President Jair Bolsonaro celebrated the reduction in the price of diesel. In campaigning for reelection, Bolsonaro has often cited the drops in gasoline and diesel prices and has already given “congratulations to Petrobras” for the initiative.
The chief executive had four presidents at the head of the state-owned company. In April, Joaquim Silva e Luna was replaced by José Mauro Ferreira amid the fuel price crisis. Ferreira stayed in office for just over two months, until the appointment of current president Caio Paes de Andrade.