Private refinery in Bahia reduces gasoline and diesel prices

The drop in international oil prices led Brazil’s largest private refiner to announce cuts in gasoline and diesel prices. Operated by the Arab fund Mubadala, the Mataripe Refinery, in Bahia, charged higher prices than Petrobras.

The price of gasoline was reduced by 5.2% and that of diesel S-10, with a lower sulfur content, by 9%, according to Acelen, a company created by Mubadala to operate the asset purchased from Petrobras for R$10.1 billion, which has been under private management since December 2021.

Considering the average value of the readjustments, the company starts selling diesel cheaper than the average price practiced by Petrobras: R$ 5.26 against R$ 5.61 per liter. Gasoline, however, remains more expensive: R$ 4.32 against R$ 4.05.

In recent days, in the face of fears about global recession, international oil prices have plummeted, starting to oscillate around US$ 100 (R$ 535) per barrel. The scenario eliminated the lag in domestic fuel prices.

This Thursday (7), according to data from Abicom (Brazilian Association of Fuel Importers), the average price of Brazilian gasoline is at the same level as import parity, a concept used by Petrobras in its pricing policy.

Diesel, on the other hand, is R$ 0.27 more expensive than the estimated cost of importing the product. It is the second consecutive day without negative lags. Petrobras, however, has not yet communicated adjustments to the prices charged by its refineries.

Since the beginning of private management, the company has followed the fluctuations of the international market more closely. In May, under strong pressure, Petrobras went 99 days without changing the price of gasoline, despite the escalation of international prices in the period.

With the drop in oil, which reached peaks of US$ 140 per barrel, the state-owned company began to be charged by supporters of President Jair Bolsonaro (PL) to reduce their fuel sales prices.

In press releases about readjustments, however, the company says that it monitors international quotations but that it avoids passing on occasional volatilities to the domestic market.