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Distributors, importers and other fuel producers in Brazil had already promoted adjustments to their selling prices before Petrobras, so that the Brazilian market would continue to be supplied, without any risk of shortages
After yet another increase in gasoline, diesel and LPG prices, Petrobras pronounces and informs that, in recent months, the international oil market has been facing high volatility, with COVID-19, its impacts and uncertainties, as a backdrop. More recently, geopolitical tensions in Europe added a further component of volatility, culminating in Russia's invasion of Ukraine on February 24.
According to Petrobras, at first, despite the soaring international prices, when assessing the market situation and prices according to established governance, it decided not to immediately pass on the volatility, carrying out a daily monitoring of oil prices. Only on March 11, after prices were observed at consistently high levels, the state-owned company implemented adjustments in its sales prices to gasoline, diesel and LPG distributors.
The values applied at that time, although relevant, reflected only part of the increase in international levels of oil prices, which were strongly impacted by the limited supply compared to the global demand for energy.
Increase in fuel prices avoids the risk of shortages
This company move was in the same direction as other fuel suppliers in Brazil that, before Petrobras, had already promoted adjustments in their selling prices, and necessary for the Brazilian market to continue to be supplied, 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 follows all the rites of governance and seeks balance with the market, while avoiding transferring volatilities in international quotations and the exchange rate caused by conjunctural events to domestic prices.
This positioning allowed prices at Petrobras refineries to remain stable for 152 days for LPG and 57 days for gasoline and diesel, even in this context of rising international prices.
In recent days, we have seen a reduction in the levels of international prices for derivatives, followed by a strong increase yesterday. A Petrobras it is sensitive to the impact of prices on society and maintains daily market monitoring in this challenging and highly volatile moment, not being able to anticipate decisions on maintenance or price adjustments.
We continue in an environment of great uncertainty, with an increase in demand for fuels in the world, at a time when the unfolding war between Russia and Ukraine is impacting supply, generating competition in the world for the supply of products, which reinforces the importance of prices in Brazil remain in line with the global market to ensure normal supply and mitigate risks of fuel shortages
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