Diesel lag reaches 25% and gasoline 19%, says association

The prices of diesel and gasoline practiced by Petrobras (PETR3;PETR4) in the domestic market remain out of step with the international market and it would be necessary to raise them by R$ 1.27 and R$ 0.78 in the refineries to maintain the parity policy prices of the state-owned company, according to Abicom (Brazilian Association of Fuel Importers).

With the dollar appreciated and fuel reference prices at high levels abroad, the average lags are 21% for diesel oil and 17% for gasoline. In some ports that guide the prices of the state-owned company, the lag for diesel has already reached 25% (in Itaqui, Suape, Santos and Araucária) and for gasoline, 19% (in Araucária).

In the port of Aratu, in Bahia, state where the Mataripe Refinery (formerly RLAM) is located, the lag for diesel was 5% and for gasoline, 10%, due to weekly readjustments that have been made by Acelen (arm of the of Arab investment Mubadala who bought the refinery from Petrobras).

Almost 60 days without readjustment

Petrobras has not readjusted the price of the two fuels for almost 60 days. The president of the state-owned company, José Mauro Coelho, said in an interview with Grupo Estado earlier this week that the readjustment will be made “at the right time”.

Abicom says that, to match prices in Brazil to those on the international market, Petrobras would have to raise the price of a liter of diesel by R$1.27 and of gasoline by R$0.78 at refineries.

But on Thursday (5) the President of the Republic, Jair Bolsonaro (PL), sent explicit messages to Coelho, as he did with his predecessors days before the fuel increases (and firing them), but ruled out interfering in the company.

Petrobras profits BRL 44 billion

The president even anticipated Petrobras’ profit in the first quarter, which had not yet been disclosed, and classified the company’s high earnings as a “rape”, saying that the gains benefit foreigners and who pays the bill is the Brazilian population.

Petrobras had a net profit of BRL 44.56 billion, up 3,718% compared to the beginning of 2021, and announced more than BRL 48.46 billion in dividends to shareholders (the federal government will receive most of this value, as it is the largest shareholder in the company).

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