Petrobras raises gasoline prices at refineries by 7.4%

Petrobras will raise the average selling price of gasoline in its refineries by 7.4% as of this Wednesday (25). According to the state company, the average price will go from R$ 3.08 to R$ 3.31 per liter.

It is the first readjustment after the inauguration of President Luiz Inácio Lula da Silva (PT), who still has not been able to nominate his nominee, Senator Jean Paul Prates (PT-RN), in charge of the state-owned company. The last time Petrobras changed the price of gasoline was in early December, with a 6.1% cut.

The increase was already demanded by the market, given the high gaps in relation to international prices. Since the end of the year, with rare exceptions, Petrobras has been selling the product in the country at lower prices than abroad.

According to calculations by Abicom (Brazilian Association of Fuel Importers), at the opening of the market this Tuesday (24th) the average price of gasoline in the country’s refineries was 14%, or R$ 0.49 per liter, below the import parity, concept that simulates how much it would cost to bring the product from abroad.

That is, this fourth increase will not be enough to cover the gap. The Lula government, however, has stated that it will not follow the concept of import parity in the sale of fuels, since Brazil produces a large part of the volume it consumes.

In a note, Petrobras says that the increase “accompanies the evolution of reference prices and is consistent with Petrobras’ pricing practice, which seeks to balance its prices with the market, but without passing on cyclical volatility to domestic prices quotations and the exchange rate”.

Considering the mandatory mix of 27% anhydrous ethanol in the product sold at gas stations, says the state-owned company, its share in the pump price will be, on average, R$ 2.42 per liter.

Last week, gasoline was sold by Brazilian stations, on average, at R$ 4.98 per liter. It was the first time in the year that the value was below R$ 5, after a spike that led antitrust agencies to announce investigations into the gas stations.

In the first week of 2023, a liter reached R$ 5.12, a move attributed by government supporters to an attempt to disrupt the economic environment after Lula’s inauguration.

Upon taking office, the new president decided to extend the federal fuel tax exemption for 60 days to contain the inflationary effects and the damage to the government’s image that the return of the charge would cause.

His nomination for Petrobras will be evaluated by the company’s board of directors this Thursday (26) and the expectation is that, even with a mostly Bolsonarist collegiate, Prates has already managed to get enough votes for his appointment.