Petrobras said this Wednesday (8) that the national supply of diesel “requires special attention” in view of the prospects of greater tightening in the international market and that “neighboring countries” are already suffering from the misalignment of prices.
The statement released earlier this evening has a stronger warning tone than previous communications by the state-owned company in defense of its fuel price policy, which has become a target of both the opposition and the government.
“The practice of competitive prices and in balance with the market is a necessary condition for the country to continue being supplied without the risk of shortages by the various agents”, says the company, which warns of the risks of lack of products in the international market.
According to the company, the risks stem from a seasonal increase in world demand in the second half of the year, lower availability of Russian exports due to economic sanctions and possible unavailability of refineries in the United States and the Caribbean with the hurricane season.
“In a scenario of global shortages, national supply requires special attention. As the country is structurally deficient in diesel oil, having imported almost 30% of total demand in 2021, there may be a greater impact on prices and supply”, continues the company.
“In view of this situation, it is essential that the practice of competitive prices and in balance with the global market be a reference for the Brazilian fuel market, aiming at national energy security”, he concludes.
Petrobras has been under pressure to change its trade policy in the face of rising prices in recent months. On other fronts, the government is trying to reduce fuel taxes, to reverse the negative impact on the popularity of President Jair Bolsonaro (PL).
The latest diesel readjustments, in early May, led to changes in the command of the MME (Ministry of Mines and Energy) and the state company itself. In defense of the policy, the company cites the example of “neighboring countries” that have already been facing problems with the supply of diesel, referring to Argentina.
“Prices below the market make the imports necessary to complement the national supply economically unfeasible. Recent examples of misalignment with market prices already translate into supply problems in countries neighboring Brazil.”
Its pricing policy, he reinforces, “provides a balance with the market, while avoiding the immediate transfer of the volatility of international quotations and the exchange rate caused by conjunctural issues to domestic prices”.
The situation is challenging in Brazil, says the company, because historically higher in the second half due to the seasonality of agricultural and industrial activities. “It is also noteworthy that the domestic market recorded a record consumption of diesel oil last year and this mark should be surpassed in 2022.”
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