Arab fund has autonomy to set its own prices and increased the price of gasoline by 7,40% while Petrobras readjusted it by 1,85%

Despite the frequent hikes in gasoline and diesel prices practiced by Petrobras, the Arab sovereign fund Mubadala, owned by the Crown Prince of Abu Dhabi, which bought the RLAM Refinery, in Bahia, from Petrobras for US$1,65 billion, about R$8,25 billion at the time, and has been running it since December last year, it raised the price of gasoline and diesel more than the state-owned company.

Read also

• After stopping vehicle production and leaving the country, Ford asks for help to manufacture 600.000 electric vehicles in just 22 months
• The rise in the price of a barrel of oil and the dollar makes Brazil break a record and distribute R$ 37,6 billion in royalties and R$ 36,8 billion in special participation to states, municipalities and the Union
• Tensions in the United Arab Emirates make the price of Brent oil skyrocket and reach the highest level since 2014; fears of shortages in the global market may change the ethanol mix of plants in Brazil
• Arab fund Mubadala, owned by the crown prince of Abu Dhabi, wants to sell almost 4 kilometers of highways in Campinas for more than R$300 billion

From December to date, the price of type A gasoline, produced at the Mataripe Refinery (formerly RLAM), rose 7,40%. Gasoline sold by Petrobras to distributors had a readjustment of 1,85%.

In less than two months, the price of diesel type S10 rose 11,72% and diesel S500 rose 9,72% at Acelen's points of sale. In the same period, Petrobras readjusted the two fuels by 7,93% and 8%, respectively.

Arab fund has autonomy to set its own prices and Acelen sells the same type of gasoline at R$ 0,18 per liter more expensive than Petrobras

In the last readjustment in fuel prices, which took place on the 12th, Petrobras informed that the average selling price for gasoline distributors would increase to R$ 3,24 per liter, and diesel R$ 3,61 per liter.

The same type of gasoline is sold for BRL 3,42, and diesel for BRL 3,62, by the company of the Arab sovereign fund Mubadala. We refer to the average, because fuel prices can vary due to regional production issues. According to Acelen itself, however, the percentage adjustments applied to these prices are linked to the price of oil on the international market and the exchange rate.

Despite the alleged arguments for the increase in the price of gasoline and diesel being the same as those used by Petrobras - the policy of international price parity -, even so, the increases in fuel sold by Acelen surpassed the readjustments by the state-owned company.

Deyvid Bacelar, general coordinator of the United Oil Workers Front (FUP) and director of the Bahia Oil Workers Union (Sindipetro-BA), said in an interview with Brasil de Fato that the reason for Acelen to raise fuel prices more than Petrobras is search for greater profits: “We are dealing with an investment fund from the United Arab Emirates, which deals with resources from the sovereign fund of Abu Dhabi. So, the return has to be financial and immediate, whatever the cost. If this will cost higher prices for the population of Bahia and the Northeast, it doesn't matter”, he criticized.

Acelen was questioned by Brasil de Fato about the difference in the readjustments applied by the company and by Petrobras, but did not comment on the matter. In a note, the company declared that its “price policy is independent, preserves competitiveness and is supported by technical and transparent criteria”.

The increase in the price of gasoline and diesel practiced by Acelen, a company belonging to the Arab sovereign wealth fund, affects even more the pockets of consumers in Bahia

While the readjustment practiced by Petrobras increased the liter of gasoline by R$ 0,15, reaching R$ 3,24 on average, the company estimated that this would increase the price of fuel at the pumps and impact the consumer's pocket by around R$ $0,11.

Bearing in mind that, on the price of fuel marketed by the state-owned company until it reaches the consumer, state and federal taxes are levied, in addition to the cost of resale.

Acelen readjusted four times, in less than two months, the price of gasoline. On December 18, it lowered its prices. On the 1st, 15th and 22nd of January, it increased.

Situation may change if distributors in Bahia start importing fuel 

In December of last year, when Acelen went against the grain and confronted Petrobras' price movement and did not reduce the price of gasoline, the entity's executive secretary, Marcelo Travassos, said that Bahian consumers depend on Acelen's pricing policy , however the situation may change if the distributors in Bahia start to import fuels, if this operation is more economically viable.

In December, in Salvador, gasoline prices reached R$7,09 for the common type, with an average cost of R$5,99. Common ethanol, in turn, was sold for more than R$ 6 and diesel reached the same level. 

After the price reduction announced by Petrobras, on the afternoon of December 15, common gasoline with the lowest price was going for R$ 6,42.