Petrobras announced this Thursday (10) that it will readjust by 5.1% the price of gasoline sold in its refineries to fuel distributors. The state-owned company also reported that the price of diesel will rise 14.2%. The increase is valid from Saturday (18).
In 2022 alone, gasoline sold by Petrobras accumulates an increase of 31%. Already diesel, 68% increase.
According to the state-owned company, the increases are related to the impacts of the war between Russia and Ukraine on the price of a barrel of oil.
This Friday’s adjustment was discussed at an emergency meeting of the state-owned board of directors held on Thursday (16). The federal government, Petrobras’ controlling partner, has six of the 11 board members.
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Apesar disso, nesta manhã, o presidente Jair Bolsonaro (PL) declarou ser “contra qualquer reajuste nos combustíveis” em postagem no twitter. “Not only because of Petrobras’ exaggerated profit in the midst of the global crisis, but also because of the public interest provided for in the State-Owned Companies Law”, added Bolsonaro.
According to Bolsonaro, this increase “could plunge Brazil into chaos”. “Your president [da Petrobras]directors and counselors are well aware of what happened with the truck drivers strike in 2018, and the harmful consequences for Brazil’s economy and the lives of our people”, declared the president.
– The Federal Government as a shareholder is against any readjustment in fuels, not only because of the exaggerated profit of Petrobras in the midst of the global crisis, as well as for the public interest provided for in the State-Owned Companies Law.
— Jair M. Bolsonaro (@jairbolsonaro) June 17, 2022
new values
With the adjustment, the average sale price of gasoline sold by Petrobras to distributors will rise from R$3.86 to R$4.06 per liter. Considering that gasoline sold at gas stations is mixed with 27% ethanol, Petrobras estimates that the fuel will rise by R$ 0.15 per liter to the final consumer.
At the beginning of the year, gasoline sold by Petrobras cost R$ 3.09 per liter in refineries.
For diesel, Petrobras’ average sales price to distributors will rise from R$4.91 to R$5.61 per liter. Considering that the diesel at the stations is 10% biodiesel, Petrobras estimates an increase of R$ 0.63 per liter at the stations.
Diesel sold at Petrobras refineries started the year at a price of R$ 3.34 per liter.
This time, Petrobras did not readjust the price of cooking gas.
Commitment to market
In a statement released this morning, Petrobras informed that the readjustments ratify the company’s commitment to “the practice of competitive prices and in balance with the market”. The competitive prices mentioned by Petrobras are those defined through the International Parity Price (PPI), which links the amounts charged by the oil company with fuel prices in the international market.
This pricing policy was established by Petrobras in 2016, after the coup that overthrew former president Dilma Rousseff (PT). Since then, the state-owned company has recorded record profits.
There were BRL 106 billion in net income, already deducting taxes in 2021 – an increase of 1,400% compared to 2020. Another BRL 44 billion in the first half of this year.
According to Petrobras itself, more than 44% of the company’s shareholders are non-Brazilians. Brazilian investors hold about 19% of the company’s capital. The government controls another 37% of the shares.
Was ICMS the problem?
Petrobras’ adjustment comes days after the National Congress approved a bill to limit the Tax on the Circulation of Goods and Services (ICMS) on fuel. The bill, which is awaiting sanction from President Bolsonaro, establishes that states can charge a maximum tax rate of 17% on gasoline and diesel, for example. Today, there are states that charge up to 30%.
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The tax reduction was a bet by Bolsonaro to reduce the price of gasoline during the election period. Petrobras’ adjustment, especially in the case of diesel, tends to nullify any practical effect of this new law.
Editing: Nicolau Soares
