Petrobras Seeks Diesel Price Hike, Awaits Government Consumer Shield

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Summary · why it matters

Petrobras wants to raise diesel prices at its refineries but is waiting for the Brazilian government to take measures to shield consumers from the increase, Reuters reported Thursday, citing two sources at the state-run oil company. An increase would help narrow the gap between domestic diesel prices and global benchmarks, which has widened due to the Middle East war and diesel export restrictions from Russia. According to the report, the price gap would almost disappear with a 1 real per liter increase. The increase would be possible due to a new diesel subsidy set initially at 1 real per liter to be added to an existing subsidy of about 1.12 reais per liter, though details of the measure have not been disclosed. Petrobras also said a package of government tax measures will result in a reduction of 0.19 real per liter in gasoline prices for consumers, reversing an earlier announcement that had implied a raise in prices to distributors.

Impact on assets 3

Energy▲ · 1 stocks
Petroleo Brasileiro Petrobras SA ADR
PBR
▲ PositivePricingrelevance

Petrobras seeks to raise domestic diesel prices by ~1 real/liter, narrowing the gap to global benchmarks and boosting its refining margins.

Others± Mixed · 2 stocks
⛏RBOB Gasoline Futures
GASOLINE
▼ NegativePricingrelevance

Government tax measures will cut gasoline prices for consumers by 0.19 real per liter, reversing an earlier implied increase to distributors.

⛏Heating Oil Futures
HEATOIL
▲ PositiveSupplyrelevance

Petrobras seeks a diesel price hike as the Middle East war and Russian diesel export restrictions widen the gap between domestic and global diesel benchmarks.

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