Fuel prices vary according to the price of a barrel of oil and the value of the dollar
Fuel prices mainly differ based on two main variables: the price of a barrel of oil and the dollar price. The price of Brent oil, which Petrobras uses as a benchmark, rose nearly 15%. However, if we look at a longer period of time, the main villain behind the increase in gasoline and diesel prices is the American currency, which is currently at 5,44 reais.
Read more news:
- Multinational GE has opportunities for professionals with no experience, for internship vacancies in São Paulo and Pernambuco
- SBM Offshore hires driver, operator, technician and more for 15 jobs in Rio de Janeiro
- More than 12.000 internship vacancies are being offered by CIEE – Business-School Integration Center
Impact with the pandemic:
The oil sector had a big impact with covid-19, but with the restoration of the economy, prices returned to their original positions. In the trading session on Friday (19), the price of Brent oil reached US$ 64,44 a barrel. Despite a significant increase from the worst moment, the price of a barrel of oil still fell 6,9% compared to last January.
However, fuel prices in Brazil did not follow this drop. According to ANP, in January 2020, the Brazilian paid an average of 4,58 reais per liter of gasoline. Now he has to pay an average of 4,83 reais – but, in some states, he has already paid more than 5 reais per liter.
- Discovery of 11 billion barrels of oil challenge Petrobras and threaten Brazil's leadership in oil!
- Oil and gas sector: the hidden key to the energy transition? Discover how this industry could be the big surprise in carbon reduction!
- Petrobras invests billions in Macaé: how the “national offshore capital” will become a global hub of innovation and jobs by 2025
- Brazil on the eve of a historic turnaround: how oil could surpass soybeans and revolutionize exports in 2024 – find out what this means for the national economy
The influence of the American currency:
From January 2020 to today, the US dollar has risen 34% against the real. On Monday (22), the situation was still complicated and the dollar exchange rate exceeded 5,50 reais. This led the Central Bank (BC) to hold a US$ 1 billion auction to mitigate losses.
Alessandra Ribeiro, economist and partner at Tendências Consultoria, says that “When we look at the broader horizon, the exchange rate was much more important for the increase in fuel prices than oil”.