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After Contract Reviews, And Based On The Falling Crude Oil Price Scenario, Petrobras Announced An Average Discount Of 11.1% Per Cubic Meter Of Natural Gas Starting February 1, 2023.
The reduction will occur in the selling price to distributors for contracts stipulated by pipelines, and was calculated based on the price per cubic meter from November 2022 to January 2023.
The state-owned oil and gas company shows that, given the forecasts for quarterly updates for contracts, and the price variation of gas linked to the Brent price and the exchange rate, with abundant fluctuations.
Petrobras stated that, in the last quarter (November 2022 to January 2023), the price of oil fell by 11.9%, with a depreciation of 0.2% in the exchange rate, making the exchange of real for dollar two tenths of a percentage point more expensive. It was also confirmed that contract forecasts indicated there would be a reduction in the crude oil pricing formula of 2.35%.
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Industry entities such as Abegás, the Brazilian Association of Gas Distribution Companies, stated that distributors purchasing natural gas from Petrobras have already committed to passing on the full reduction to consumers.
Adapting, obviously, the tariff classes that each state regulatory agency defines. It should be considered that companies do not acquire all the natural gas distributed by Petrobras, and that they have smaller scale contracts with different commercial conditions than those they enter into with the state-owned company.
The Profile Of The New Petrobras Commander
But the commitment comes from the understanding of how much the applied reduction contributes to the growth of the oil and gas industry, as well as enhances the competitiveness of natural gas.
With greater attractiveness for consumers and investors, especially after the approval of the New Gas Law, not only will large companies and groups required to purchase from a single supplier benefit most from this market, as there will be greater competition and efficiency.
These and other advantages are brought by the New Law, approved 19 months ago, aiming to increase competitiveness by opening up the sector market in Brazil. Promoting the change from a concession regime to an authorization regime.
The new legislation also introduced new tariff rules and third-party access to gas pipelines, natural gas treatment and processing units, and LNG, Liquefied Natural Gas terminals. It is also expected that ANP, The National Agency of Petroleum, will regulate parts of the new law.
The end consumer may not yet feel the price reduction for distributors, as admitted by Petrobras itself. Since the supply portfolio of each distributor, federal taxes, state taxes, and the margins of the distributors also influence the final price definition.
Not to mention the issue of GNV, Natural Gas for Vehicles, distributed at resale stations. The reduction will not reach LPG, Liquefied Petroleum Gas, sold in bulk or packaged.
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