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Abicom states that the drop in oil prices and the low dollar are some of the reasons for the permanence of diesel prices in Brazil
With oil falling and the dollar weaker, the price of diesel in the Brazilian market is 14% above what is being practiced abroad, on the fourth day after the drop of R$ 0,20 per liter validated by Petrobras in its refineries, from according to a survey carried out by Abicom (Brazilian Association of Fuel Importers) informed this Monday, the 8th. Abicom, according to the Broadcast website.
Last readjustment in the price of diesel by Petrobras started to take effect last Friday, 5
Petrobras introduced a reduction in the price of diesel in Brazil last Friday, the 5th. The readjustment represents a drop of 3,5% in the price of the oil derivative and surprises analysts, since a week before the directors of the state-owned company declared that it was still too early to modify the price of diesel, since the world oil market was showing great volatility.
The Brazilian oil company has a policy of changing prices only when there is a structural change in the price of oil and not just cyclical. The oil sector has been facing great volatility, with consecutive rises and falls, but keeping the price of diesel below US$ 100 a barrel in recent days in Brazil and in the world.
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Gasoline price in Brazil
Gasoline had two consecutive drops in its price validated by Petrobras at the end of July, adding up to a decrease of R$ 0,35 per liter in Petrobras refineries. This Monday, the 8th, the price of fuel in Brazil is 8% above that practiced in the Gulf of Mexico, used as a reference by importers, a difference of R$ 0,28 per liter.
The government has been pressuring Petrobras to reduce fuel prices. On Thursday, the 4th, President Jair Bolsonaro praised the drop in the price of diesel and said that he expects further reductions from Petrobras, which still dominates the oil refining market in the country. Brazil.
Acelen has been controlling fuel prices in more detail than Petrobras
Acelen, controller of the Mataripe oil refinery, which was privatized at the end of 2021 and is responsible for around 14% of the supply of oil derivatives in Brazil, has been making weekly readjustments in gasoline and diesel prices, and , consequently in this way, has been following the international parity more closely than Petrobras. The refinery price is only 5% above foreign market parity for both diesel and gasoline.
On Friday, Acelen reduced the price of diesel by 7,5% in some markets, with prices on average below those being charged by Petrobras. The price of gasoline fell by 9%, specifically in some markets, while others remained stable.
Variation in the price of diesel in oil companies
The rise in the price of Diesel happens since July 2021, and in the previous period the prices passed on to refineries were R$ 2,71, see below.
July/2021: BRL 2,81;
September/2021: BRL 3,06;
October/2021: BRL 3,34;
January/2022: BRL 3,61;
March/2022: BRL 4,51;
May/2022: BRL 4,91;
June/2022: BRL 5,61.
