Petrobras announces new readjustment in gasoline and diesel prices, after 77 days without increases

The last change in gasoline and ethanol prices occurred in December 2021, when Petrobras reduced the price of gasoline by 3,13%

Petrobras declared this Tuesday, January 11, that it will make a new adjustment in the prices of gasoline and diesel to sell to distributors. According to the communiqué issued by the oil company, the new prices will come into effect from this Wednesday, January 12th. It is the first readjustment increase in the last 77 days.

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Meanwhile, a liter of diesel fuel will increase from R$3,34 to R$3,61 per liter, which represents an increase of 8,08%. At gas stations, the price that is passed on to the consumer will rise from R$ 3,01, on average, to R$ 3,25, a variation which will represent an increase of approximately R$ 0,24 each liter.

Petrobras carried out the last adjustment in fuel prices in December last year, when the oil company reduced the price of gasoline by 3,13%. This was the first drop since June 12, 2021.

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In a note published by Petrobras, the adjustments are justified "to ensure that the market continues to be supplied on an economic basis and without risk of shortages by the different actors responsible for serving the various Brazilian regions: distributors, importers and other producers, in addition to Petrobras".

Petrobras also declared in a note that it “reiterates its commitment to the practice of competitive prices and in balance with the market, following up and down variations, while avoiding the immediate pass-through to internal prices of external volatilities and the exchange rate caused by cyclical events.”

What sets the price of gasoline

The dollar and the price of oil have influenced the value of fuels in Brazil since 2016, the year in which Petrobras began to implement the International Parity Price (IPP). 

The increase in fuel prices, as in the case of gasoline, happens when Brent oil prices are quoted around 82 dollars a barrel, with an increase of more than 5% in the month of January.

End of the downturn

Despite the fact that the price of gasoline increased by 47% during 2021, at the end of the year the values ​​had stabilized. After 19 months on the rise, gasoline dropped by (-4,24%) in the Federal District, (-3,27%) in Rio Grande do Norte, and (-2,59%) in Goiás. The national average was a fall (-1,14%).

Despite the increase in gasoline and diesel prices having already happened again, the expectation is that they will remain stable in 2022.