The second drop in the price of diesel in less than two weeks, announced on Thursday (11) by Petrobras, brought the fuel closer to international parity, a policy adopted by the state-owned company in 2016.
This Friday (12), the domestic price is 6% above the international price, after having reached a difference of 17% on Tuesday (9) according to the Brazilian Association of Fuel Importers (Abicom).
Since August 5th, the liter of diesel has dropped by R$ 0.42 at Petrobras refineries. The price of gasoline fell by R$ 0.35 in the last 15 days.
This drop had been driven by the decline in oil prices in recent days, when it started to operate below US$ 100 a barrel.
The dollar had also been helping the price of derivatives, with significant drops that brought the price to close to R$5.
This Friday, however, both the dollar and oil operate on the rise in the Brazilian market, indicating that there is still great volatility in prices and that there is no structural change in prices in the sector, a condition stipulated by Petrobras for price changes when oil was on the rise.
Analysts were surprised by the drop in diesel made by Petrobras in recent days, noting that the company will have difficulty raising fuel again if the market changes direction, because of the proximity of the elections.
Three company presidents have already been fired for increasing fuel: Roberto Castello Branco, General Joaquim Silva e Luna and José Mauro Coelho.
The recent declines took place in the management of the new president of the state-owned company, Caio Paes de Andrade, who will have to justify the measure to the company’s Board of Directors, according to the new guideline released by Petrobras at the end of July.
For the general coordinator of the Unique Federation of Oil Workers (Fup), Deyvid Bacelar, the government will try, until the elections, to announce successive reductions in fuel prices, but it will hardly be able to minimize the impact of the increase accumulated since the beginning of the Bolsonaro government.
In the case of diesel, the accumulated increase since 2019 is 193.1% and for gasoline, 169%.
In Bahia, where the only large-scale privatized refinery in the country operates, the Mataripe Refinery, the difference in the price of diesel compared to the international market is zero and gasoline is sold at a price 5% above the Gulf of Mexico, a place that serves as a reference for Brazilian importers.
Unlike Petrobras, the Mataripe Refinery promotes weekly adjustments, bringing prices closer to market reality.
Source: CNN Brasil
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