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The Instability and Rise in Oil Prices Affected Kerosene, Which Saw an 11% Increase by Petrobras
Petrobras, a multinational oil company, raised the price of aviation kerosene (QAV) at several hubs, starting this Wednesday, 01. According to information from Petrobras’s website, supply in important regions of airports will see an increase of about 11% compared to the supply in May.
In Guarulhos (SP), the monthly increase was 11.2%, reaching 5.626 reais per liter. In Duque de Caxias, the growth was 11.29%. In Betim (MG), the adjustment rate was 11.14%. Petrobras has been increasing the prices of petroleum derivatives, including aviation kerosene, every month since 2022, as oil prices rise.
The prices of aviation kerosene in Guarulhos increased by 64.4% since the beginning of the year. Other fuel delivery centers for aviation also experienced increases of this proportion. According to the Brazilian Association of Airlines (Abear), aviation kerosene accounts for more than one-third of an airline’s expenses.
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Petrobras implements a severe adjustment and confirms a 55% increase in the price of aviation kerosene with a proposal for installment payments for the companies.
Shares of Azul and GOL Airlines fell sharply the previous day, by 5.82% and 3.86%, respectively, on the day Petrobras announced the price adjustment for kerosene.
QAV Prices Are Rising Only in the First Half of 2022
According to Abear, the price of a liter of kerosene has accumulated a rise of 64.3% just in the first half of 2022. “These figures show the daily pressure companies face with rising structural costs, especially the price of aviation kerosene, which has been impacted by the higher barrel price of Petrobras oil in the international market, due to the war in Ukraine.
The strengthening of the dollar against the real is also a daily challenge, as half of the sector’s costs are dollarized,” said Eduardo Sanovicz, president of Abear. According to information released by Petrobras, the area that recorded the largest increase in the price of kerosene, as well as the price of petroleum derivatives, was Duque de Caxias, a municipality in Rio de Janeiro, and Betim, in Minas Gerais, with increases of 11.29% and 11.14% respectively.
Abear states that it is incomprehensible for the portion of QAV produced in Brazil to be priced by the same criteria as the imported input. According to ANP, the National Agency of Petroleum, Natural Gas and Biofuels, aviation kerosene produced in Brazil corresponds to 93% (or 4.1 billion of the total consumption of 4.4 billion cubic meters) of the fuel consumed internally.
Even with Brazilian QAV production exceeding 90%, the input is priced in dollars, which actively influences the final product price. Abear claims that QAV has great potential for aviation, as its value accounts for more than one-third of airlines’ total costs.
Deteriorated Budget
César Bergo, coordinator of the graduate program at Faculdade Mackenzie Brasília (FPMB) and advisor to the Regional Council of Economics of the 11th, highlighted that the increase in tariffs due to the adjustment of QAV and petroleum derivatives has greatly compromised the budgets of families wanting to travel.
“All this is passed on to the consumer, which is more frequent and concerning now that inflation is already above 12%. People cannot plan properly and end up being surprised by the increases made by Petrobras on petroleum derivatives prices”, emphasized Bergo.
The shares of the airlines Azul and Gol fell 5.82% and 3.86%, respectively, on the same day Petrobras announced the adjustment in the price of aviation kerosene. However, on Thursday (02/06), the stocks of both companies rose, with increases of 0.21% and 0.78%, respectively.
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