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Abicom States That The Drop In Oil Prices And The Weak Dollar Are Some Of The Reasons For The Diesel Price Stability In Brazil
With the oil prices falling and the dollar weak, the price of diesel in the Brazilian market is 14% above what is being practiced abroad, four days after the drop of R$ 0.20 per liter validated by Petrobras at its refineries, according to a survey conducted by Abicom (Brazilian Association of Fuel Importers) reported this Monday, 8. To achieve parity with international market prices, a reduction of R$ 0.64 per liter of diesel would be necessary, Abicom added, according to the Broadcast website.
Last Diesel Price Adjustment By Petrobras Took Effect Last Friday, 5
Petrobras implemented a reduction in the price of diesel in Brazil last Friday, 5. The adjustment represents a decrease of 3.5% in the price of the petroleum derivative and surprises analysts, as just a week earlier, the company’s directors stated that it was still early to change the diesel price, given the significant volatility in the global oil market.
The Brazilian oil company has a policy of changing prices only when there is a structural change in oil prices and not merely circumstantial. The oil sector has faced significant volatility, with consecutive rises and falls, while keeping the price of diesel below US$ 100 per barrel in recent days in Brazil and worldwide.
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Gasoline Prices In Brazil
Gasoline experienced two consecutive price drops validated by Petrobras at the end of July, totaling a decrease of R$ 0.35 per liter at Petrobras refineries. This Monday, 8, the price of fuel in Brazil is 8% higher than that practiced in the Gulf of Mexico, used as a reference by importers, with a difference of R$ 0.28 per liter.
The government has been pressuring Petrobras to reduce fuel prices. On Thursday, 4, President Jair Bolsonaro praised the drop in diesel prices and expressed hopes for further reductions by Petrobras, which still dominates the oil refining market in Brazil.
Acelen Is Controlling Fuel Prices More Closely Than Petrobras
Acelen, the owner of the Mataripe oil refinery, which was privatized at the end of 2021 and is responsible for about 14% of petroleum derivative supply in Brazil, has been making weekly adjustments to gasoline and diesel prices, thus tracking international parity more closely than Petrobras. The refinery price is only 5% above the parity of the foreign market, for both diesel and gasoline.
On Friday, Acelen reduced diesel prices by 7.5% in some markets, averaging prices below those practiced by Petrobras. The price of gasoline fell by 9% in specific markets, while others remained stable.
Variation In Diesel Prices Among Oil Companies
The increase in diesel prices has been occurring since July 2021, during which the prices passed to refineries were R$ 2.71, as seen below.
July/2021: R$ 2.81;
September/2021: R$ 3.06;
October/2021: R$ 3.34;
January/2022: R$ 3.61;
March/2022: R$ 4.51;
May/2022: R$ 4.91;
June/2022: R$ 5.61.
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