Petrobras announces a 7% reduction in gasoline at the refinery, R$ 0.25 per liter – 01/09/2022

Petrobras announces a 7% reduction in gasoline at the refinery, R$ 0.25 per liter – 01/09/2022
Petrobras announces a 7% reduction in gasoline at the refinery, R$ 0.25 per liter – 01/09/2022

Petrobras announced today a 7% drop in the price of gasoline at its distributors. According to the state-owned company, the price will drop from R$ 3.53 to R$ 3.28 per liter, a reduction of R$ 0.25 per liter. The new value is valid from tomorrow and does not affect other fuels.

Petrobras’ share of the consumer price will rise from R$2.57, on average, to R$2.39 for each liter sold at the pump, when considering a mixture of 73% gasoline A and 27% anhydrous ethanol. In addition to this portion, there are other factors that influence the final price. Therefore, the reduction in refineries does not necessarily have to reach the pumps, or arrive in the same proportion. Distributors and stations are free to set prices.

According to Petrobras, the measure follows the “evolution of reference prices” in the international market and “is consistent with Petrobras’ pricing practice, which seeks to balance its prices with the market, but without passing it on to the domestic prices of cyclical volatility of international quotations and the exchange rate”, the state-owned company said in a note.

Bolsonaro signaled reduction before announcement

In an interview with SBT yesterday, President Jair Bolsonaro (PL) signaled that Petrobras would reduce the price, even before the company’s announcement.

“Every week we have good news. Today is Wednesday — I think there will be good news by Friday. Because it is being a practice of the new president of Petrobras”, he said.

Today, the Chief Executive reinforced the announcement through his social networks.

Third reduction since July 19

This was the third consecutive time that the state-owned company has reduced the price of gasoline sold to distributors.

The first was on July 19, when Petrobras informed that the value of the fuel would be reduced by R$0.20 per liter, from R$4.06 to R$3.86.

Then, at the end of July, there was a reduction of R$ 0.15 per liter in the price of gasoline for distributors, in which the average sale price of the state-owned fuel went from R$ 3.86 to R$ 3.71 per liter.

The dispute over the value of fuels led to the change of command of the state-owned company. Appointed by President Jair Bolsonaro (PL), Caio Paes de Andrade is the current president of the company, the fourth in office during the current government. The name was approved by the company’s board in June.

Dividends of R$43.9 billion to shareholders: first installment was paid yesterday

In July, Petrobras approved the record payment of R$87.8 billion to shareholders. The transfer was divided into two installments, with equal amounts in August and September.

Of this total, the federal government will receive R$ 32 billion, according to the state-owned company. The amount adds to another R$32 billion already transferred to the Union in 2022, and should be used to help fund the aid package captained as an electoral strategy by President Jair Bolsonaro (PL).

The first installment was paid yesterday. The second will be on September 20th. The amount represents R$ 6.73 per preferred and common share. The company has been the target of constant criticism from Bolsonaro, who says he takes a bad look at the rise in fuel prices, announced after the state-owned company declared record profit in the first quarter of this year.

The representative avoids mentioning that the federal government received R$ 18 billion in dividends from the state-owned company, referring to that period. From 2019 to 2021, the government had collected another R$34 billion in dividends. To UOLthe Ministry of Economy reported that the amount is used to reduce the public debt, currently valued at R$ 5.5 trillion.

Bradesco’s report, published in May this year, shows that from 2011 to 2021 the federal government received 15 times more than Petrobras’ minority shareholders through taxes and dividends paid by the state-owned company. According to analysts Gustavo Sadka and Vicente Falanga, who signed the study, in 10 years, the Union received R$ 1.4 trillion. The report does not specify how much of this amount comes from dividends and how much is taxes. In the same period, minority partners gained R$ 94 billion.

The article is in Portuguese

Tags: Petrobras announces reduction gasoline refinery liter

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