Petrobras Holds Fuel Prices But Warns That Oil Price Could Reverse This Scenario If Commodity Hits $100

Written by Roberta Souza

Published on 29/09/2023 at 18:15

Foto: reprodução Jovem Pan

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According to Petrobras President Jean Paul Prates, Fuel Prices May Be Impacted If Oil Barrel Reaches US$ 100

Petrobras President Jean Paul Prates highlighted the importance of oil prices and their influence on fuel adjustments. Prates revealed that while the state-owned company does not plan immediate price changes, it is closely monitoring market developments to ensure the company’s profitability, according to Info Money.

He emphasized that fuel price adjustments will occur if the oil price level consolidates, similar to the last increase in August. Additionally, Prates expressed concern about the possibility of oil reaching US$ 100 per barrel in October, which he considers an “important psychological barrier”.

Maintaining Company Profitability with Fuel Prices

According to Prates, “the models for now indicate that it is possible to maintain (fuel prices) at the same level, without absolutely any risk to the company’s profitability.” This statement was made after an event with Olympic athletes sponsored by Petrobras. He clarified that President Luiz Inácio Lula da Silva, with whom he recently met, did not request at any time that fuel prices be artificially kept low. Prates reinforced that the goal remains to “Brazilianize prices”.

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The commitment to “Brazilianize prices” goes beyond a mere presidential campaign strategy, according to Prates. He emphasized that Petrobras is changing its pricing model and will make necessary adjustments when the new level of oil prices is consolidated. Additionally, Prates mentioned that the company’s oil refineries are operating at 94% of their capacity, a significant increase compared to last year. This is partially due to the maintenance of the Regap refinery in Minas Gerais.

Ongoing Negotiation with Braskem

Regarding the sale of Novonor’s stake in Braskem, Prates reported that negotiations are advancing. Petrobras, as a partner, has the right of first refusal to acquire the asset, although a final decision has not yet been made. Prates explained: “Braskem is evolving. We are starting to receive information and focusing on this. We are there inside, having the right of first refusal as a partner of Braskem, but we are not buying new stakes in Braskem. We will analyze whether it is worth it or not.”

Petrobras holds a minority but relevant interest in Braskem. Sources say that the company’s decision will be crucial for the outcome of the deal. In summary, Petrobras is attentive to the oil price scenario and is willing to make adjustments to fuel prices, provided the new level consolidates. Furthermore, the company is in the evaluation process regarding its stake in Braskem, a decision that could have a significant impact on the course of this transaction.

Petrobras Holds Fuel Prices But Warns That Oil Price Could Reverse This Scenario If Commodity Hits $100

According to Petrobras President Jean Paul Prates, Fuel Prices May Be Impacted If Oil Barrel Reaches US$ 100

Maintaining Company Profitability with Fuel Prices

Major Oil, Gas, and Energy Event Will Take Place in Brazil: Macaé Energy Will Gather Petrobras, Equinor, Prio, Among Other Suppliers and Energy Executives for Business, Networking, and Employment Opportunities

Ongoing Negotiation with Braskem

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Petrobras Holds Fuel Prices But Warns That Oil Price Could Reverse This Scenario If Commodity Hits $100

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