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The Last Change in Gasoline and Ethanol Prices Occurred in December 2021, When Petrobras Reduced Gasoline Prices by 3.13%
Petrobras declared on Tuesday, January 11, that it will make a new adjustment in gasoline and diesel prices for distribution to suppliers. According to the statement issued by the oil company, the new prices will come into effect starting Wednesday, January 12. This is the first increase adjustment in the last 77 days.
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Meanwhile, the price of diesel fuel will increase from R$ 3.34 to R$ 3.61 per liter, representing a rise of 8.08%. At gas stations, the price passed on to consumers will increase from an average of R$ 3.01 to R$ 3.25, which represents an increase of approximately R$ 0.24 per liter.
Petrobras made the last adjustment to fuel prices in December of last year, when the oil company reduced gasoline prices by 3.13%. This was the first decrease since June 12, 2021.
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In a statement published by Petrobras, the adjustments are justified “to ensure that the market continues to be supplied on economic bases and without risks of shortages by the different actors responsible for serving the various regions of Brazil: distributors, importers, and other producers, in addition to Petrobras.”
Petrobras also stated in its note that it “reiterates its commitment to the practice of competitive prices balanced with the market, following price variations up and down, while avoiding the immediate pass-through to internal prices of external volatilities and exchange rates caused by conjunctural events.”
What Determines Gasoline Prices
The dollar and oil prices influence fuel values in Brazil since 2016, the year Petrobras began to implement the International Price Parity (IPP).
The increase in fuel prices, such as gasoline, occurs when Brent oil prices are quoted around 82 dollars per barrel, with an increase of more than 5% in January.
End of the Downward Period
Although gasoline prices increased by 47% during 2021, by the end of the year, values had stabilized. After 19 months of increases, gasoline experienced decreases of (-4.24%) in the Federal District, (-3.27%) in Rio Grande do Norte, and (-2.59%) in Goiás. The national average was a decline of (-1.14%).
Although the increase in gasoline and diesel prices has returned, the expectation is that they will remain stable in 2022.
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