Petrobras profit drops 47% with new PT pricing policy

Petrobras informed, on the night of this Thursday (3), that the net profit of the state-owned company fell from R$ 54.3 billion in the second quarter of last year to R$ 28.8 billion in the same period this year, a decrease of 47%.

According to the oil company, a net profit of BRL 66.9 billion was accumulated in the first half, 32% less than in the same period last year (BRL 98.9 billion).

This is the company’s first result after the Lula government (PT) changed its pricing policy. Last May, Petrobras abandoned the import parity, in which oil and dollar quotations guided prices. Since that month, the prices of fuel sold by the state-owned company have been below international prices.

With the lowest derivatives prices and Brent oil 31.1% cheaper than in the second quarter of 2022, Petrobras’ revenue fell 33.4%, to R$ 113.8 billion. Ebitda, an indicator that measures cash generation, dropped 22% to R$56.7 billion.