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Gasoline consumers celebrate another 8% cut in fuel prices made by Petrobras. For diesel, the cut will be 4%, both effective starting tomorrow. For the year, the cuts have already totaled more than 50%.
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So far this year, the oil company has already reduced the average price of gasoline at refineries by more than 50% to about 0.91 real per liter. Diesel, in turn, has seen a decrease of nearly 40%.
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The decision for the new cuts comes amid a persistent decline in oil prices and its derivatives in the international market, due to the impacts of the new coronavirus on the global economy. Today, the prices of oil barrels in the United States hit the lowest value in history, recording a minimum of 4.04 dollars.
The decision by Petrobras for new cuts also comes after a decline this year of about 60% in the price of Brent crude, the international benchmark, which was trading at 26.40 dollars around 1 PM.
The agreement among major oil-exporting countries is still not enough to halt the price decline. It appears that this measure is seen as insufficient to alleviate concerns regarding low demand stemming from the coronavirus.
According to recent data published by the National Agency of Petroleum, Natural Gas and Biofuels (ANP), at gas stations, gasoline had accumulated a decrease of 10.16% this year up until last week, while diesel was down 12.2%.
