Average gas price drops for the ninth straight week

Average gas price drops for the ninth straight week
Average gas price drops for the ninth straight week

The average cost of gasoline fell for the ninth consecutive week, according to data from the weekly bulletin of the National Agency of Petroleum, Natural Gas and Biofuels (ANP). The price reached R$ 5.25 per liter in the period from 21 to 27 August. The decrease registered was 2.7%, compared to the 14th to 20th of the same month, when the average value was R$ 5.40.

The continued fall in prices can be explained by the change in the collection of Tax on the Circulation of Goods and Services (IMCS) on fuel, according to the economist and advisor to the Federal Council of Economy (Cofecon), Fernando de Aquino. “This led to a reduction in ICMS, which is a state tax, and consequently, a reduction in state tax collection. It should be noted that it was a collection that had increased significantly due to the price of fuel in recent months, which had been increasing a lot. And when the tax is reduced, it just goes back to where it was before this cost explosion,” he says.

Factors for changing prices and projections for the future

In addition to the ICMS, the economist points to the reduction in international oil prices as another cause of the drop in gasoline prices. “This is transmitted to the price of fuels through production costs. In relation to this cost, it is worth noting that Petrobras has been practicing what we call import price parity for several years. When the price of oil in the international market falls, the dollar appreciates, reducing the price here”.

According to the expert, the opposite also happens and, therefore, prices fluctuate. That is, Petrobras increases the value of its products whenever international oil prices rise, or when the exchange rate depreciates. “It is something that leads to very large fluctuations in prices, and there are times when the price goes up a lot, like in the first months of this year. Until recently, there was this explosion in prices”, explains Fernando de Aquino.

Between May and June 2022, the price of gasoline reached the highest amount paid among consumers, between R$7.19 and R$7.39 per liter. The cost of a liter of diesel also rose in June, reaching a price of R$ 7.57 in April, and that of ethanol reached a maximum value of R$ 5.53. On the other hand, in the last week, diesel started to cost R$ 6.93 per liter, with a drop of 8.4%, and the last value raised for the liter of ethanol was R$ 3.84.

The article is in Portuguese

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