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Petrobras Announces Customers High 2.7% In Gas Price – 18.08.2019 – Market

After 53 days of no adjustments, Petrobras announced to its clients this Monday (18) the $ 0.05 high in gasoline prices. The measure represents an average increase of 2.7% and comes into force on Tuesday (19).

The diesel price has also risen to $ 0.026 per liter, sources say. That's an average increase of 1.2%, two weeks after the last adjustment, when there was a 3% decline.

The adjustments follow the evolution of oil prices and the rise of the dollar, which reached its highest nominal value in history on Monday. The company has not yet published the new values ​​on its website.

For fuel importers, however, the rise in gasoline still does not eliminate the lag with international prices accumulated over the period without adjustments.

The latest price adjustment of gasoline sold by Petrobras was launched on September 27, up 2.5%. Last week, oil prices rose after attacks on Saudi Arabia's largest refinery, which pulled the market at 5% of global production.

On that day, the dollar closed at $ 4,156. Brent crude, the benchmark London-based international benchmark, was quoted at $ 61.88 a barrel.

On Monday (18) the dollar reached $ 4,206 and Brent closed at $ 63.30 ($ 266.2 at current price) per barrel.

In a report released on Friday, the CBIE (Brazilian Infrastructure Center) calculated $ 0.10 per liter of the average price of petrol sold by Petrobras in relation to the Gulf of Mexico price in the United States.

Abicom (Brazilian Association of Fuel Importers) sees a gap between $ 0.09 and $ 0.19 per liter depending on the point of delivery – the last value being at the port of Ithaca, Maranhоo, one of the main imported gas stations.

Since 2016, Petrobras's pricing policy has considered the concept of import parity, which is the sum of international prices converted into real with import costs and profit margins.

The last time gas prices were so long without adjustment was between February and April 2017. All in all, it was 55 days. At that time, the liter was sold by the state-owned company for $ 1,5901, in values ​​corrected by IPA.

By Monday, fuel was coming from state refineries, on average, at $ 1,8054 per liter, according to CBIE – Petrobras no longer reporting average value. With adjustment, it will go to $ 1,8554.

Diesel prices are already rising from $ 2,1877, according to CBIE, to $ 2,2137 per liter.

Bomb shipment depends on the trading policy of the stations and distributors. The amount charged by Petrobras refineries represents about 30% of the final price of gasoline and about half of the final price of diesel.

Since the last adjustment, according to the ANP (National Oil, Gas and Biofuels Agency), the price of the gas station has changed by 0.4% (or $ 0.04 per liter). Last week, fuel was sold domestically at an average price of $ 4,407 per liter.

Petrobras says international parity policy remains in place, but that the price of parity "is not an absolute value, unique and perceived in the same way by all agents".

"The actual values ​​of imports vary from agent to agent, depending on characteristics, such as international and domestic trade relations, access to logistics infrastructure and scope of operations," the company said.

The company also states that there was no disruption to third-party imports, which "underscores the economic viability of imports by efficient market agents".

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