Petrobras announces a 7.08% cut in gasoline prices at refineries

Petrobras announces a 7.08% cut in gasoline prices at refineries
Petrobras announces a 7.08% cut in gasoline prices at refineries

Petrobras announced this Thursday, 1st, a new reduction in gasoline prices. The liter of fuel will be sold at 3.28 reais in refineries as of Friday, 2nd, reducing the average price of the liter by 7.08%, which is currently sold at 3.53 reais. This is the fourth consecutive drop in gasoline prices since July.

Ten minutes after the oil company’s announcement, President Jair Bolsonaro celebrated the drop in gasoline prices on his official Twitter account. The day before, in an interview with SBT, he had said that he expected ‘good news’ in fuel by this Friday, due to the practice of the new president of Petrobras, Caio Mario Paes de Andrade. “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”. Andrade is the company’s third representative in the year, raised after public frying of his predecessors due to upward adjustments in fuel prices.

In addition to the change of command at the oil company, the international scenario is what actually drives the fall in prices at refineries and also at the country’s pumps. This is because the state-owned company uses the policy of international fuel price parity, harshly criticized by President Jair Bolsonaro (PL) at the beginning of the year, when oil prices hit a record and fuels here were adjusted upwards with the outbreak of the war between Russia and Ukraine.

This 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. ”, says the state-owned company in a statement.

As the war months passed and the risk of recession in major economies increased, the price of a barrel began to fall. This Tuesday, for example, the price of oil falls because of the weak performance of the Chinese economy. A barrel is traded at USD 93.81 (around 10:40 am Brasília time). At the beginning of the war between Russia and Ukraine, the barrel reached 140 dollars. The other factor that is part of the pricing policy, which is the exchange rate, the dollar operates at 5.17 reais.

The drop in gasoline prices is one of the main reasons why the country registered deflation in July — and the probable deflation also in August, already indicated in the preview of the IPCA. At the time, prices fell 15% due to the ICMS ceiling of 18%, which lowered the rate in the states and reduced the price at the pump. After that, Petrobras started to announce a reduction in refinery prices, which may contribute to a further deceleration in prices also in the August price index. Inflation is one of the main concerns of the Bolsonaro government on the eve of the elections. According to electoral polls, the drop in prices is felt by the consumer and credited to the government.

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The article is in Portuguese

Tags: Petrobras announces cut gasoline prices refineries

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