Home Brazil may run out of supplies if it does not import oil from abroad, according to Petrobras

Brazil may run out of supplies if it does not import oil from abroad, according to Petrobras

18 from 2018 to 18 at 39: XNUMX
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Petrobras diesel oil import

Petrobras reports that national oil production is not enough to maintain the supply of diesel and some derivatives

Government proposals to reduce the price of diesel oil to consumers could lead to fuel shortages and price cartels, according to warnings issued by Petrobras and Cade (Administrative Council for Economic Defense). The oil company says that the proposal for calculating the subsidy that will be paid from September makes imports unfeasible and that, without the product brought in from abroad, there will be a shortage of diesel. The body of the Ministry of Finance draws attention to the risk of price standardization if the requirement is maintained that companies, including Petrobras, disclose the components of their prices, such as profit margins.

The new methodology for calculating the diesel subsidy and also the transparency in price formation were proposed by the National Agency of Petroleum, Natural Gas and Biofuels (ANP), based on government guidelines, and are now subject to market scrutiny, in public consultations.

By proposing changes in the calculation of the subsidy, the regulatory agency sought to incorporate the cost of freight with the importation of diesel to contemplate the claim of trading companies that participate in this market together with Petrobras. But, in a document sent to the ANP, the state-owned company claimed that the proposal has no economic rationale and that, instead of attracting importers, it tends to drive them away, which would lead to shortages.

“The proposed formula tends to make the offer of imported products and the participation of non-producer third parties in the (subsidy) program unfeasible, restricting competition in the market. Additionally, considering that the agents (both producers and importers) will only offer the product on an economic basis and that the national balance is deficient in diesel, there is a potential risk of shortages in the market”, stated Petrobras, in a contribution to the public consultation.

On Friday, the 17th, at the hearing at the agency's headquarters, Petrobras' Marketing and Commercialization manager, Guilherme França, said he still doubted "that the board (of the state-owned company) will authorize the import (of diesel) with the risk of incurring losses. ”. Representative of importers, Abicom argued in the same way. “No investor is sure to put money in that condition. This proposal could condemn Brazil to stop growing”, says Sérgio Araújo, president of Abicom.

The disclosure of price formation components practiced by all companies participating in the market, also proposed by the ANP, may generate “upward price pressure considering the greater risk of collusion (formation of cartel)”, said Cade, in a technical note sent to the regulatory agency. Source: Estadão

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