Bloomberg Línea — The price of gasoline at refineries will undergo a further downward adjustment, which should once again contribute to the fall in prices and inflation. This Thursday (1st), Petrobras (PETR3; PETR4) announced a reduction in fuel prices for distributors. The average cost will go from R$ 3.53 to R$ 3.28 per liter, a reduction of R$ 0.25 or 7%. The transfer starts to be valid from Friday (2).
This is the fourth straight cut since July. Considering the readjustment announced this Thursday, the price of gasoline at Petrobras refineries has already had a reduction of 19.2%, going from R$4.06 to R$3.28 now, a difference of R$0.78 .
Considering the mandatory blending of 73% gasoline A and 27% anhydrous ethanol for the composition of gasoline sold at gas stations, 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 – a reduction of R$0.18.
According to the state, the reduction “follows 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 to domestic prices the conjunctural volatility of international quotations and the exchange rate. exchange”.
The last gasoline adjustment had been on August 15, when the state-owned company announced a reduction from R$3.71 to R$3.53 per liter, a reduction of R$0.18 per liter – equivalent to 4.85% . A few days earlier, on August 11, Petrobras announced a reduction in diesel prices for distributors, of R$ 0.22 per liter.
On Wednesday (31), President Jair Bolsonaro (PL) even told a local TV station that the company should announce “good news” by Friday of this week. “Fuel every week we have good news. Today is Wednesday, I think by Friday there will be more good news because it is being a practice of the new president of Petrobras”, he said.
The announcement comes just over a month before the first round of presidential elections. On his Twitter, the president echoed the price reduction:
In March of this year, the president even blamed the corruption of PT governments for the soaring price of fuel, and other factors such as the lack of refineries and the war in Ukraine, because “oil is a commodity and Petrobras follows the policy of international parity”, he said.
On the same occasion, he cited the ICMS charged in the states as one of the reasons for not having a reduction, and stated that he could not interfere with the state.
The drop also reflects a new level in oil pricesat $93 a barrel for Brent oil, as concerns about demand continue to mount and lead to a new wave of selling the asset among investors.
The price of WTI oil was down almost 3% in New York, at US$ 87.55 a barrel, around 10:30 am. Petrobras’ preferred (PETR3) and common (PETR4) shares fell at the same time, with drops of 0.13% and 0.03%, respectively.
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