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Brazilian Population Pays One of the Highest Gasoline Prices in the World. High Fuel Prices Create Various Other Problems for the Economy
The price of gasoline in Brazil is a very serious matter, generating various other problems for the country’s economy. A report from Oxford Economics showed that Brazilians pay the third highest gasoline price in the world. The study considered the purchasing power of each country. In the overall ranking, Brazil ranked 53rd out of a list of 170 countries surveyed.
Data from the research shows that the average price of gasoline in Brazil is the third most expensive in the world. The research took into account 29 countries plus the eurozone. In Brazil, a worker needs to spend 9% of their daily wage to buy a liter of gasoline. Second is Pakistan, where 13% is spent. The most expensive gasoline in the world is in Indonesia, where a worker pays 19% of their daily wage to buy a liter of gasoline.
Meanwhile, even with all the economic problems, the gasoline sold in Venezuela is the cheapest in the world. According to information from Global Petrol Prices, Venezuelans pay US$ 0.025. In Brazil, the average price of a liter is US$ 1.480, or R$ 7.40.
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The rise in oil prices could ensure an extra revenue of R$ 100 billion for the Federal Government, indicates a recent economic study.
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Naturgy begins an investment of R$ 1.6 million to expand the gas network in Niterói and benefit thousands of new residences and businesses.
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A major turn in the Justice system suspends tax increases and directly impacts oil and gas companies in Brazil by affecting costs, contracts, and financial planning, leaving uncertain what could happen to the sector if these costs had increased.
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Brava Energia begins drilling in Papa-Terra and Atlanta and could change the game by reducing costs in oil while increasing production and strengthening competitiveness in the offshore market.
Recent ANP Results Confirm the Data
According to data from the National Agency of Petroleum (ANP), the average price of a liter of gasoline rose from R$ 7.270 last week to R$ 7.283 this week. Diesel increased from R$ 6.60 to R$ 6.61 during the same period. Thus far this year, the increase in diesel is at 23.62%.
GNV Also Rises Across the Country
Bulletin released on Friday, the 29th, by the National Agency of Petroleum, Natural Gas and Biofuels, showed that the price of compressed natural gas (GNV) increased for the second consecutive week at gas stations. Consumers who previously paid R$ 4.742 per cubic meter are now paying R$ 4.774.
Consumers should not expect any relief regarding the price of compressed natural gas (GNV). As promised, Petrobras raised the price of natural gas to distributors by 19%. The increase in GNV prices is set for the coming quarters. The state-owned company reported that the rise in natural gas prices is due to the increase in Brent oil prices and exchange rate fluctuations.
According to the Brazilian Association of Companies Distributing Piped Gas (Abegás), the increase in natural gas will not generate any profit for distributors, as only the operational costs will be passed on to consumers.
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