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Reduction reflects international oil price decline and market pressures; fuel price at the pump still depends on other factors.
Petrobras announced this Thursday (17) a new reduction in the price of diesel sold to refineries. Starting Friday (18), a liter of the fuel will cost, on average, R$3,43 for distributors. The cut represents a reduction of R$0,12 per liter, equivalent to 3,38%.
This is the second price cut by Petrobras in less than 20 days and comes amid the recent devaluation of the barrel of oil on the international market. The measure, however, only affects the amount passed on by the state-owned company to distributors. The price of fuel to the end consumer will still depend on other factors, such as taxes, profit margins and the percentage of biodiesel blended.
Accumulated reduction since 2022 already exceeds R$1 per liter
Since the end of 2022, Petrobras has accumulated a reduction of R$1,06 per liter in the price of diesel for distributors. Considering inflation in the period, the real drop in the value reaches R$1,59 per liter, which represents a cut of 31,7%.
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According to the composition of diesel sold at gas stations, which is currently made up of 86% diesel A and 14% biodiesel, Petrobras' share of the final price to the consumer will be approximately R$2,95 per liter. This means a drop of R$0,10 per liter in the price of diesel B, as the final product distributed at the pumps is known.
Conservative cut in the face of an uncertain international scenario
In an interview with Reuters, Eduardo Oliveira de Melo, managing partner of Raion Consultoria, stated that the cut announced by Petrobras was a conservative move, considering the current instability of the global energy market.
“In our calculations, we saw a measured potential of up to 30 cents (of cut), so it made the 12 cent movement, it is practically halfway there,” said Melo.
He added that the price of Brent oil is already beginning to show signs of recovery, which may have influenced the state-owned company's decision not to promote a more aggressive reduction in the price of fuel.
Petrobras monitors the market and participates in decisions with a social focus
Petrobras president Magda Chambriard recently stated that the company constantly monitors the market conditions, including the behavior of the Brent barrel and the exchange rate, when making decisions about fuel prices. She highlighted that the state-owned company also considers market share and the impacts on Brazilian society.
This new reduction follows the previous cut, made on March 31, when the price of diesel was reduced by R$0,17 per liter (or 4,6%). At the time, it was the first cut since December 2023. Before that, in February, Petrobras had increased the price of the fossil fuel by 6%.
Oil price drop linked to international trade tensions
The recent drop in oil prices is linked to financial market movements in response to U.S. trade policies. The price of a barrel of Brent crude fell from $75 to around $65 after measures taken by former President Donald Trump in early April, including the imposition of tariffs and trade restrictions on partners such as Mexico and Canada.
According to analysts, fears of a global economic recession — generated by this new policy — have pushed oil prices down. The possible decline in global demand for fuels has directly influenced Petrobras' decisions regarding the price of diesel.
Transfer to posts is not immediate
Despite the drop announced by Petrobras, consumers may not immediately notice the reduction in the price of fuel at the pumps. This is because the final price depends on variables such as state and federal taxes, the cost of biodiesel, distribution and resale margins, and the stock of fuels previously purchased at higher prices.
The time for transfer to the consumer may vary according to the location, regional market dynamics and policies adopted by gas stations.
Source: THAT IS e Agency Brazil
