Gas Prices Will Drop Tomorrow (07/29)! Petrobras Succumbs to Pressure and Lowers Fuel Prices for the Second Time in Less Than 10 Days, Easing the Burden on Consumers, Taxi Drivers, and App Drivers

Gasoline Price Per Liter Drops in Brazil and Falls 16.7% Below Global Average, Not Counting New Petrobras Price Reduction Starting Tomorrow!

The Brazilian oil giant Petrobras has great news for the Brazilian people, who were at a loss with the constant spikes in fuel prices! Consumers, taxi drivers, and app drivers can celebrate, because starting tomorrow, 07/29, the average selling price of gasoline from the oil company to distributors will decrease from R$ 3.86 to R$ 3.71 per liter, a reduction of R$ 0.15 per liter.

According to Petrobras’ report, considering the mandatory blend of 73% gasoline A and 27% anhydrous ethanol for the composition of gasoline sold at gas stations, the state-owned company’s share in the consumer price will drop from R$ 2.81, on average, to R$ 2.70 for each liter sold at the pump.

Petrobras stated that this reduction aligns with the evolution of reference prices, which have stabilized at a lower level for gasoline, and is consistent with the oil company’s pricing practices, which aim for price equilibrium with the global market, while avoiding passing on the internal prices’ volatility due to fluctuations in international quotes and exchange rates. 

Transparency Is Key

In order to enhance price transparency and improve public understanding, Petrobras publishes information on its website regarding the formation and composition of fuel prices to consumers. Click here to check it out!

Drop in National Fuel Value: The Worldwide Average is Around $1.44, but in Brazil the Value Plummets to the Equivalent of $1.119.

The reduction of taxes was the most significant factor in the decrease of gasoline prices. After the appointment of Caio Paes de Andrade alongside government demands, the price of gasoline dropped by R$ 0.20 and indicated that it might continue to decrease in the coming weeks. 

The decrease in value is around 16.7% compared to the global average. According to data recorded by Global Petrol, the average price per liter of gasoline worldwide is around $1.44, while in Brazil the price plummets to the equivalent of $1.119.

Abicom reported that the price was similar to that of imports, all due to the reduction of prices at Petrobras’ refineries.