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Pressure on fuel prices increases on the eve of the 2nd round. Petrobras has maintained values in its refineries since September 2nd for gasoline and since September 20th for diesel.
Even with the price of diesel and oil under strong pressure, and rising in the international market, Petrobras keeps the value of the fuel behind the international parity, points Abicon.
According to information from the S&P Global Commodity Insights, margins at the Atlantic Basin refineries, where the Brazilian market is located, have risen again in recent weeks. This represents an increase in diesel and oil prices, reinforcing the pressure on fuel, on the eve of the 2nd round of presidential elections in Brazil.
Refinery strike in France and reduction of US inventories impact refining margins
The refinery strike in France and the reduction of inventories in the USA contributed significantly to supply, given that demand will increase due to the proximity of winter in the Northern Hemisphere.
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Most of the oil derivatives imported by Brazil come from the Atlantic coast of the USA, where the crack spread (refining margin, measured by the difference between the price of the derivative and that of crude oil) rose last week to US$ 30,69, 14 a barrel, which represents XNUMX% compared to the previous week.
According to hEDGEpoint Global Markets, to try to match the heating up of European demand, US refineries have been striving to exceed their diesel production.
“US diesel supply has reached the highest level in five years for this time of year. However, exports are high, and inventories have fallen to dangerously low levels. The price of diesel in the US and Europe has skyrocketed, and winter hasn't even started yet”, observes Energy and Macroeconomics analyst, Heitor Paiva.
Gasoline and diesel with lagged prices in Brazil
The Brazilian Association of Fuel Importers (abicom), states that for Petrobras to maintain parity with the international market, the state-owned company would need to increase the price of diesel by 70 cents per liter. The gasoline deficit was 18 cents (5%).
It is worth mentioning that Petrobras has not changed the price of gasoline for almost two months and 30 days for diesel, maintaining the same values in its refineries since September 2nd for gasoline and since September 20th for diesel.
