Fuel Prices – Petrobras President Joaquim Silva e Luna Says Keeping Fuel Prices Will Harm Supply in the Sector

The President of Petrobras Explains That By Keeping Prices, The Import of Fuels Would Be Hampered, Consequently Generating A Shortage In The Market Since It Is Not Supplied Solely By Petrobras

At an event hosted by the foreign bank Credit Suisse on February 3, the president of Petrobras argues that the state-owned company should continue with the market price policy for fuels. According to the president, Petrobras is seeking other ways that do not involve holding fuel prices steady, since, legally, Petrobras must set market prices for fuels, as private companies do.

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Silva e Luna, president of Petrobras, stated that the company is aware of the losses incurred by trying to artificially hold fuel costs. The president claims that Petrobras will lose several investments and fuel imports. According to the president, it will not be possible to supply this market if fuel prices are not competitive.

Additionally, the president mentioned that Petrobras’ management is working hard to prevent the instability of international parity policy from immediately affecting consumers.

“We expect movements that become more structural. We reached a point of 90 or 70 days without changing prices. This shows that Petrobras can keep up with parity, maintain the market supplied, and provide opportunities for other importers to participate in the market supply, along with keeping prices competitive,” said the president.

Petrobras’s Concern About Reducing Carbon Emissions

According to CNN, during the bank’s event, the president of Petrobras spoke about the company’s plans to decrease carbon emissions in fuel production, in addition to investing in sustainable energy production.

The president added that an investment and research committee was created to explore new investment options. He stated that there are several factors that need to pass through the committee for the company to proceed in this direction. The president revealed that the company had not yet found any type of energy that fits this scope and that Petrobras’s current focus is on the best production at the lowest level of carbon output. He informs that Petrobras is aware that this process will continue, but that the company believes oil will remain an energy source for a long time and that for this to happen, Petrobras needs to produce at the lowest possible carbon index at a resilient price.

Petrobras Profits

According to g1, in the second quarter of last year, Petrobras made a profit of R$ 42.855 billion, and in the third quarter, the profit was R$ 31.142 billion. Due to this result, it was possible to eliminate the loss of R$ 1.5 billion recorded at the same time in 2021.

Petrobras Received From The Oil Company Equinor Almost 3 Billion Reais Referring To The Sale Of The Exploratory Block BM-S-8, Located In The Bacalhau Field In The Santos Basin

Petrobras informed in a relevant fact to the market last Tuesday (01/02/2022) that it received from the multinational Equinor the amount of 475 million dollars (almost R$3 billion), equivalent to half of the third installment regarding the sale of its stake in the exploratory oil block BM-S-8, where the Bacalhau field (formerly the Carcará area) is located in the Santos basin. Check this article in full by clicking here.