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Brazil Agency/Archive
11% increase in fuels pulled IPCA-15 in March
Domestic gasoline price has been reduced after the drop in the price of a barrel of oil
Gasoline sold by Petrobras to refineries is R$ 0.25 cheaper, on average, at the company's refineries as of this Friday, 2nd. in the price of diesel, as well as in the price of gasoline, which has been on its fourth consecutive decline since July. This was due to the reduction in the international price of a barrel of oil and the variation of the dollar against the real in the Brazilian domestic market. The Brazilian Association of Fuel Importers (Abicom) pointed out that this Thursday, the 1st, the liter of gasoline was R$ 0.36 more expensive than the liter of international reference. Petrobras reduced the price of a liter of fuel in refineries by 7.08%, which makes it cost R$3.28 cents for distributors, compared to R$3.53. According to the director of the Brazilian Infrastructure Center (CBIE), Pedro Rodrigues, further reductions in fuel prices can be expected in the coming weeks, especially gasoline, which has an advantage over international prices.
“Petrobras' announcement of a gasoline price reduction shows that the company continues to follow the international market trend. The price of a barrel of oil has been falling. And the future curve has also been dropping. In addition, the exchange rate in Brazil has also fallen. This allowed the company to announce a reduction in the price of gasoline sold at the refinery. We may see, in the coming weeks, possibly an announcement by the company of a reduction in the price of diesel and, mainly, the price of LPG, cooking gas, which is very lagged in Brazil in relation to the international market” , declared Rodrigues. The president of the Brazilian Association of Investors (Abradin), Aurélio Valporto, also believes in future reductions and considered the last fall relatively modest: “This is not a boon granted by the company. In fact, if it strictly followed its own pricing policy, the PPI, the reduction should be at least 15%, since Brent has been consistently trading below US$ 90 on the international market. This pricing policy by Petrobras has caused inflation and unemployment in Brazil and resulted in abusive profits for Petrobras, which revert to the mere distribution of dividends, more than half of them to foreign shareholders. In other words, they are foreign exchange leaving the country”.
Source: JP


Mr. Alessandro Jacob speaking about Brazilian Law on "International Bar Association" conference

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