Privatized refinery in Bahia sells fuel more expensive than Petrobras

Under private management since December 1, the Mataripe refinery, in Bahia, carried out three readjustments in January and currently sells gasoline and diesel at prices higher than those charged by Petrobras refineries.

The difference has an impact on the pocket of Bahian consumers and is criticized by opponents of the privatization of Petrobras refineries, but seen by other market agents as reinforcing the perception that the state-owned company has been holding the transfers of the high in the international market.

Acelen, a vehicle owned by the Arab Mubadala fund that operates the refinery, says that gasoline and diesel are international commodities whose prices vary according to oil prices and the variation of the dollar and that it has “clear and transparent” criteria for readjustments.

Located in São Francisco do Conde (BA), the Mataripe refinery was purchased by Mubadala for US$ 1.65 billion (R$ 8.7 billion, at the current price), the largest operation ever concluded under the participation reduction program state in the refining park.

According to Petrobras’ Social Observatory, its petrol from Mataripe currently costs R$3.32 per liter, R$0.14 more than the average charged by the state-owned company. The diesel-S10 is sold by the company at R$ 3.676 per liter, R$ 0.06 more than that practiced by the state-owned company.

In January, while Petrobras promoted a readjustment in its fuel sales price, on the 11th, Acelen announced three increases, on the 1st, 15th and 22nd.

“We noticed that Acelen’s readjustments happen more frequently than those of Petrobras and, as it has followed the international variation, it ends up causing an imbalance in the market”, says Walter Tannus, president of Sindcombustíveis-BA, which represents the gas stations in the state. .

He says gas stations near borders with other states are complaining of a 40% to 50% loss in sales, as consumers have preferred to travel to fill their tanks with cheaper gas in neighboring states.

Data from the ANP (Agência Nacional do Petróleo, Gás e Biocombustíveis) show that gasoline at stations in Bahia was 3% more expensive in January, while the national average increased by 0.9%.

In the last week of January, the average price of gasoline in the state exceeded the barrier of R$ 7 per liter, reaching R$ 7,024. In addition to Bahia, four states had average prices above this level in the same period: Acre, Goiás, Rio Grande do Norte and Rio de Janeiro.

The first three are far from large refineries and the last one has the highest ICMS rate on fuel in the country.

In a note sent to leaf, Acelen says that its pricing policy “is independent and distinct from the commercial policy practiced by the previous management”.

“Acelen follows international price parameters and for this reason is subject to variations in the world oil market and exchange rate fluctuations”, he says.

The company highlights that the price of oil had a strong appreciation in 2021. Between the last day of December and this Friday (4), Brent oil, traded in London, rose 20%, reaching over US$ 93 during the auction.

For executives in the sector, the company creates a new parameter for comparing fuel prices in the country, as it has followed international variations more closely than Petrobras.

According to data from Abicom (Brazilian Association of Fuel Importers), Bahia currently has the smallest lag in relation to the parity price of gasoline imports, a concept that simulates how much it would cost to import the fuel and is the basis of the state-owned commercial policy.

At the port of Aratu, the gateway to fuel in the state, says Abicom, the lag was R$ 0.09 per liter on Thursday. In the national average, gasoline was being sold in the country R$ 0.26 per liter below import parity.

Importers complain that Petrobras has been insuring transfers from the rise in oil prices, making it difficult for private companies to import fuel.

The Petrobras Social Observatory says that the state-owned company’s historical series shows that the Bahia refinery, formerly called the Landulpho Alves refinery, sold gasoline and diesel at prices below the national average.

It started selling more expensively after privatization, which has been used as an argument against the sale of Petrobras refineries.

“What is happening today in Bahia is what will happen to all other refineries that may be privatized,” says Eric Gil Dantas, an economist at the Brazilian Institute of Political and Social Studies and at the observatory, which is linked to oil workers’ unions.

“The buying company will start to charge even higher prices than we already pay today”, he says. The other refinery already sold by Petrobras, in Manaus, remains under state operation.

“Acelen is focused on keeping its products at competitive prices to fulfill, with excellence and sustainability, the contracts signed with customers”, he says.

“The price adjustment calculations are performed using a parametric formula that defines the values ​​of the products following the parameters of the international market.”

In response to criticism of its pricing policy, Petrobras defends the alignment with international quotations as fundamental to attract investments and guarantee supply, but says that it does not pass on moments of great volatility for the Brazilian consumer.