Medium-sized fuel distributors are asking for government intervention in the Cbios market, the sector’s carbon credits, claiming that the rise in prices creates insecurity and problems in the cash flow of companies, in addition to putting pressure on fuel prices.
On Friday (11), the bonds were traded on the São Paulo stock exchange at an average price of R$85.12. The value represents an increase of 45% in relation to the value in effect in the last trading session of 2021. It is more than double the average verified that year, of R$ 39.
The request for intervention was made in a letter sent by Brasilcom, a federation that brings together medium and small-sized distributors, to the MME (Ministry of Mines and Energy) and the ANP (National Agency for Petroleum, Gas and Biofuels).
The entity complains that the high prices today represent a transfer of wealth from the consumer to the producers of biofuels, who issue Cbios for sale to fuel distributors.
The bonds were created by the Renovabio program and are intended to encourage the production and consumption of less polluting fuels than petroleum derivatives. Each equates to emissions of one ton of CO² into the atmosphere.
Under the program, distributors are required to buy volumes of securities equivalent to the issuances that their sales will cause. For 2022, the acquisition target is 36 million titles.
“These high values, in addition to instability, legal and competition uncertainty caused by the fragile and incipient financial regulation of Renovabio, result in an imbalance in the cash flows of distributors”, says Brasilcom, in the letter.
“In addition, they generate a direct impact on sales prices to consumers, since these values result in significant percentages of the already reduced distribution margins.” The sector calculates that the Cbio at R$ 80 represents R$ 0.06 per liter.
The scenario also worries the largest fuel distributors in the country, but they have not publicly positioned themselves on the subject. The companies question the lack of deadlines for the issuance of Cbios by biofuel producers and talk about speculation with the bonds.
“This difference between obligation to purchase and non-obligation to offer for sale led the average price of Cbios to increase by 73% from the beginning of the year 2022, which characterizes pressure of demand in a market with little supply or subject to speculative movements “, says Brasilcom.
The entity asks for “urgent” intervention in the market, with an analysis of the operations of the positioning of the bond offerors.
MME and ANP have not yet responded to the request for an interview on the subject. Last week, the ministry said that the Cbio price is formed by supply and demand mechanisms. “The price increase is justified by the greater demand for the product at the beginning of the year,” he said, in a note sent to leaf.
In the text, it also said that there is no shortage of Cbios on the market. According to the MME, there is currently an offer of 12.9 million Cbios, equivalent to 35.7% of the annual target, considering the volume that has already been traded and the stock currently in the hands of issuers.
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