Petrobras Confirms New Fuel Price Adjustment; Gasoline and Diesel Will Cost More Starting Tomorrow, February 19

Diesel And Gasoline Prices In Brazil Are Below Those Registered In Chile, Argentina, Peru, Canada, Germany, France, And Italy, Says Petrobras

Petrobras reported this morning (02/18) that starting tomorrow, there will be an increase in fuel prices of R$0.34 for diesel and R$0.23 for gasoline at its refineries. After the adjustments, the new average values at the refineries will be R$2.48 per liter for gasoline and R$2.58 per liter for diesel.

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According to Petrobras, aligning prices with the international market is essential to ensuring that the Brazilian market continues to be supplied without risks of shortages. This competitive balance is also responsible for price reductions when supply increases in the international market, as occurred throughout 2020.

Petrobras informs that the price of gasoline and diesel sold at the gas station differs from the value charged at the company’s refineries. By the time it reaches the consumer, federal and state taxes, costs for acquisition and mandatory blending of biofuels, in addition to the distributors’ and gas stations’ gross margins are added.

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Moreover, it is important to remember, as Brazilian legislation guarantees freedom of prices in the fuel and derivatives market, the change in the final price will depend on transfers made by other members of the fuel chain; that is, the adjustments from the state-owned company may or may not be reflected in the final price to the consumer.

The figure below demonstrates the contribution of each component to the composition of prices to the consumer based on Petrobras’ average prices and the consumer price survey in 13 capitals and metropolitan regions in Brazil published by ANP for the week of 02/07 to 02/13/2021.

Petrobras Shows That The Final Price Of Gasoline And Diesel To Consumers In Brazil Is Below The Global Average

“According to research from Globalpetrolprices.com covering 167 countries, the average price of gasoline to the final consumer in Brazil is 17% lower than the global average and ranks 56th, thus being lower than the prices observed in 111 countries”, said Petrobras.

For diesel, in a sampling of 166 countries, the final price in Brazil is 28% lower than the global average and ranks 43rd, meaning it is lower than in 123 countries.

In both cases, as shown in the image below, average prices in Brazil are below those registered in Chile, Argentina, Peru, Canada, Germany, France, and Italy.

Note: Prices are converted to dollars and the international comparison is directly influenced by the exchange rate. For the graphs, we selected some countries for illustration purposes. The complete list is available at https://pt.globalpetrolprices.com/.