Petrobras reduces gasoline by 4% as of Friday; diesel remains stable – 10/15/2020

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By Rodrigo Viga Gaier

RIO DE JANEIRO (Reuters) – Petrobras will reduce gasoline prices at its refineries by 4% as of Friday, while diesel prices will not change, the company said on Thursday through the press office .

The readjustment in gasoline is the second for fuel in October and occurs after an increase of 4% applied from the 10th, when the company had also raised diesel values ​​by 5%.

This is the first drop in gasoline prices in more than a month – the last reduction had occurred on September 10, and since then, the state-owned company has promoted three consecutive price increases.

With the new readjustment, the average value of gasoline in refineries will reach 1.7414 reais per liter, according to Petrobras data compiled by Reuters.

As a result, the price of gasoline started to fall by 9.2% compared to the values ​​seen at the beginning of the year.

The price at the refinery, however, remains far from the 2020 lows recorded from mid-April to the end of May – when, at the height of the impact of the restrictive measures imposed because of the coronavirus pandemic, the liter came to cost less than 1 real.

Petrobras argues that its price formula is based on the so-called import parity, which takes into account the value of oil in the international market and the exchange rate, among other factors.

On Thursday, Brent crude retreated $ 0.88, or 2.03%, to $ 42.44 a barrel at 13:43 (GMT), amid concerns over the impact of a second wave of oil. coronavirus on fuel demand.

The dollar traded higher against the real in this session, trading at almost 5.60 reais.,

The transfer of fuel readjustments at refineries to final consumers at service stations is not guaranteed, and depends on a series of issues, such as distribution and resale margin, taxes and mandatory addition of anhydrous ethanol and biodiesel.

(Additional reporting by Gabriel Araujo, in São Paulo)

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