Petrobras reduces gasoline prices by 3.9% – 02/28/2023 – Market

In a decision negotiated with the government this Monday (27), Petrobras announced a 3.9% cut in the price of gasoline at its refineries. The measure helps to offset the return of federal taxes on fuel.

According to the state-owned company, gasoline in its refineries will cost R$ 3.18 per liter from this Wednesday (1st), when federal taxes are charged again. The value is R$ 0.13 per liter less than the current one.

“The main goal of these reductions is the search for a balance in Petrobras’ prices for the national and international markets, through a gradual convergence, contemplating the main supply alternatives for our customers and the necessary market share for the optimization of assets”, he said. the company.

The price reduction was negotiated in meetings between the command of the state-owned company and government representatives this Monday. The executive secretary of the Treasury, Gabriel Galípolo, even traveled to Rio de Janeiro to meet with company directors.

The meeting also included the Minister of Mines and Energy, Alexandre Silveira, who later released a note saying that the meeting discussed “forecasts for future fuel prices”.

The note highlights “Petrobras’ fundamental role in the search for solutions for the country throughout the company’s history, in addition to reaffirming the value and respect given by the Federal Government to the independence and due rules of governance followed by the company”.

The use of the state-owned company to minimize the impact of the return of taxes was confirmed at the end of the night by the Minister of Finance, Fernando Haddad, who stated that the company’s pricing policy has a “cushion”, which allows it to reduce or raise prices. “It can be used,” he said.

The fuel market, however, did not see room for reduction at this time, although domestic prices are above international prices. The assessment is that the external market has an upward trend in the second quarter, with the formation of inventories for the summer in the Northern Hemisphere.

In its last projection, in early February, the EIA (the US Government’s Energy Information Agency) projected a 2.5% rise in the average price of gasoline at US service stations in the second quarter.