According to Ineep, the fuel prices practiced by Petrobras remain above international parity, even with the devaluation of oil and the strengthening of the real.
The Institute of Strategic Studies on Oil, Natural Gas and Biofuels (Ineep) revealed, in its October Price Bulletin, that Petrobras continues to practice prices higher than the international parity (PPI) at its refineries. Even in the face of a series of declines in external market oil prices and the appreciation of the real against the dollar, domestic prices still remain above international levels.
According to the survey, in September, the gasoline price at the state refineries was 12% above the international reference, which represents the largest difference recorded in 2025. The analyzed data is based on the monthly information published by the National Agency of Oil, Natural Gas and Biofuels (ANP).
Difference Between Internal and External Prices Has Lasted More Than Three Months
According to the bulletin, for more than three months, the international reference prices have been below the prices applied by Petrobras. This difference even exceeds the average observed before the adjustment that reduced fuel prices at the beginning of June.
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Meanwhile, LPG (cooking gas) continues to maintain prices aligned with the PPI, with no significant variations. The diesel, which experienced a temporary increase between June and August, is now once again approaching international reference values.
The Ineep report suggests that this behavior opens room for new reductions:
“This scenario indicates that there is room for a new reduction in the company’s prices, especially for gasoline, without significantly compromising its operational results,” says the bulletin.
Distribution Participation Grows and Raises Final Fuel Prices
The Ineep study also points out a significant change in the composition of fuel prices throughout the year. The share allocated to distribution — which includes logistical costs and resale margins — has increased significantly in 2025.
The numbers show that the share of distribution rose: in gasoline, from 15.5% to 21%; in diesel, from 14.4% to 17.2%; and in LPG, from 48.4% to 51.1% — that is, more than half of the final price of the gas cylinder already corresponds to this stage of the chain.
These increases indicate that, even with the decline in oil prices and the appreciation of the real, Brazilian consumers are still paying high prices due to the structure of cost transfer and resale margins.
Political Pressure and Debate on Price Transparency
The discussion about the formation of fuel prices reached Congress. In September, federal deputy Guilherme Boulos, current minister of the General Secretariat of the Presidency, proposed a bill that requires fuel stations to display, on invoices, the complete composition of the price of gasoline, diesel, and cooking gas.
The proposal seeks to increase transparency about the origin of the amounts paid by consumers, allowing each citizen to know how much of the final price comes from Petrobras, from distribution, from taxes, and from resale margins.
By the end of September, the topic was debated in a public hearing in the Chamber of Deputies, which discussed both the quality of fuels and the pricing policy adopted by the state company.
While the international market continues to be pressured by the decline in oil, the debate over fuel costs in Brazil reignites questions about Petrobras’s pricing policy and its direct impact on consumers’ wallets.

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