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Petrobras says it awaits ‘stabilization’ of the lag to set new fuel prices | Economy

Petrobras’ logistics marketing director, Cláudio Mastella, declared this Friday (6th) that the company expects a “stabilization” of the lag of fuel prices in relation to international prices to define new values ​​in the domestic market. The so-called import parity price (PPI) is the cost of the imported product brought into the country.

According to the director, “the company avoids passing on volatility to the domestic market”.

“We are waiting for the lag to stabilize to a new level to then implement changes,” said the director during a press conference on the company’s financial results for the first quarter of 2022.

The company’s president, José Mauro Ferreira Coelho, said that does not intend to pass on the increases immediately, but that readjustments must be made “to maintain the financial health of the company”. In a conference call with analysts this morning, Coelho had already reinforced that the company should not deviate from market pricing practices.

Also on Friday, the Brazilian Association of Fuel Importers (Abicom) stated that diesel oil has an average lag of -21%, while gasoline has a lag of -17%.

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“With the exchange rate and the reference prices for gasoline and diesel oil in the international market stabilized at a high level, the lags remain very far from parity, making import operations unfeasible”, says Abicom.

Record profit in the first quarter

This Thursday (5), the company reported that it recorded net income of R$ 44.561 billion in the first quarter. The result was 3,718.4% higher than in the same period last year, when the state-owned company reported gains of R$ 1.167 billion.

This is the highest profit ever reported by a publicly traded company for the first quarter, according to a survey prepared by Einar Rivero with the TC/Economatia platform.

During a live on Thursday, President Jair Bolsonaro said that the profits recorded by Petrobras are “rape” and asked the state-owned company not to raise fuel prices.

In April, Bolsonaro fired General Joaquim Silva e Luna from the command of the state-owned company amid fuel price readjustments. He was replaced by José Mauro Coelho.

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