Gasoline price retreats at stations after sharp rise – 07/14/2023 – Market

After a strong rise with the resumption of federal tax collection, the price of gasoline at Brazilian service stations fell 0.7% this week, under the effect of cuts promoted at Petrobras refineries in early July.

According to the ANP (National Agency of Petroleum, Gas and Biofuels), the fuel was sold, on average, at R$ 5.63 per liter this week, down R$ 0.04 compared to the current value in the previous week.

Even with the reduction, the value is at the level seen in August 2022, still under the Jair Bolsonaro (PL) government and before the change in Petrobras’ pricing policy, which abandoned the concept of import parity and has been selling products well below prices. international quotes.

Announced one day before the resumption of full PIS/Cofins rates, the cut in the price of gasoline at Petrobras refineries was seen by the market as a sign of interference in the company’s management, which led the company’s shares to a sharp drop in the stock exchanges.

It was the second reduction followed on the eve of raising the tax burden — the first, in May, preceded the increase in the ICMS rate on fuel — a move that had already been anticipated by the Minister of Finance, Fernando Haddad.

The market today sees little room for new cuts, in view of the rise in international oil prices in recent days, which took the barrel of Brent above US$ 80 for the first time since April.

At the opening of trading this Friday (14), the price of gasoline at Petrobras refineries was R$ 0.48 per liter below the quotation calculated by Abicom (Brazilian Association of Fuel Importers).

It is the biggest difference since the end of January, when Petrobras carried out the last positive readjustment in the price of fuel.

With the drop in gasoline prices, the price of hydrous ethanol also dropped. The product was sold this week at R$ 3.87 per liter, R$ 0.06 less than the previous week, when it had already presented a significant increase.

According to the ANP, a liter of S-10 diesel was sold, on average, at R$ 5.01 this week, practically stable in relation to the R$ 5.02 per liter verified in the previous week.

Cooking gas, which also had its price reduced at Petrobras refineries at the end of June, was sold, on average, at R$ 101.91 per 13-kilogram cylinder. The value represents a drop of R$ 0.68 compared to the previous week.