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IBP Declared That the Decreases Made by Petrobras in the Price of Gasoline Were Due to the Demand for Fuel in the US
In an interview with CNN on Sunday, the 4th, the former president of IBP (Brazilian Institute of Oil and Gas), Eberaldo Almeida, stated that gasoline prices will continue to follow a downward trend in the coming weeks. According to the IBP specialist, the decrease in demand for gasoline in the United States is one of the main factors explaining Petrobras’ gasoline price movement.
“In the case of gasoline, according to IBP, if nothing extraordinary happens, the trend is that the price of gasoline will continue to decrease. What we see from now on is, in fact, a reduction in fuel demand. In other words, the demand for gasoline has been a significant factor in signaling price, more than supply,” said IBP.
For the tenth consecutive week, the value of gasoline at gas stations across Brazil showed another decrease, according to IBP. According to data from ANP (National Agency of Oil, Natural Gas and Biofuels), released on Friday, the 2nd, the average price of gasoline fell from R$ 5.25 to R$ 5.17, a decrease of 1.5%. The last time gasoline was at this level was in the last week of February 2021.
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The former president of IBP also detailed that the war in Ukraine and inflation in the US have caused American families to reduce their gasoline consumption, resulting in lower demand for fuel and, consequently, higher stock levels, which lowered the price.
“A normalization in the price of gasoline in the American market is already expected. In other words, that peak did not occur, which reflects a surplus of fuel and a price drop. And what Brazil is doing is following the price in the international market,” IBP stated.
Petrobras Also Reduces the Price of Aviation Kerosene by 10.4%
After the reduction in gasoline prices, the Brazilian oil giant Petrobras reported on August 26 that on September 1, it will adjust the prices of Aviation Kerosene (QAV) with a 10.4% reduction in selling prices to distributors.
This is the second consecutive reduction in QAV prices, which had already seen a -2.6% adjustment in early August, according to IBP data.
As per the practice that dates back 20 years, QAV price adjustments are monthly and defined through a contractual formula negotiated with distributors.
The selling prices of Petrobras’ QAV to distribution companies aim to achieve balance with the international market and follow fluctuations in product value and exchange rates, both upwards and downwards, with adjustments applied on a monthly basis, mitigating daily volatility in international prices and exchange rates.
Petrobras sells QAV produced in its refineries or imported only to distributors. The distributors, in turn, transport and market the product to airlines and other end consumers at airports, or to resellers, which may influence and lower airline ticket prices.
It is worth noting that distributors and resellers are responsible for the installations at airports and fueling services.
“The Brazilian market is open to free competition, and there are no legal, regulatory, or logistical restrictions for other companies to act as producers or importers of QAV,” Petrobras stated in the announcement.
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