Brazil has gasoline among the cheapest in the world? Check prices

Global Petrol Prices (GPP) data show that the Brazil far from having one of the cheapest gasoline in the worldcontrary to what defended President Jair Bolsonaro in statements last weekend. According to a recent disclosure by the institution, referring to March 14 and based on official data from each country, the cheaper gasoline of the world is found in Venezuela. There, the price is US$ 0.025 per litre. Brazil appears in 91st position in between 170 countries listedwith fuel costing US$ 1,305, very close to the average price found around the world, which is US$ 1.32 per liter.

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Converted based on the dollar exchange rate on the same date (which closed March 14 at R$5.12), the price of Brazilian gasoline is R$6.68, similar to that of countries such as Senegal, the Philippines and Vietnam. Also in the middle section of the table are countries such as the United States (US$ 1,239/liter) and China (US$ 1,358/liter).

Among South America’s neighbors, only Chile, Peru and Uruguay have more expensive gasoline than ours, but the local price is still low compared to the countries that are at the heaviest end of the list.

The most expensive gasoline in the world is found in Hong Kong, where the fuel costs more than twice the Brazilian price: US$ 2,879 per litre. Rounding out the ranking of the ten most expensive gasolines are Monaco, Holland, Finland, Liechtenstein, Germany, Italy, Norway, Greece and Denmark.

The cheapest line, led by Venezuela, also includes Libya, Iran, Syria, Algeria, Angola, Kuwait, Kazakhstan, Nigeria and Turkmenistan. (see below).

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According to Global Petrol Prices, differences between gasoline prices in different countries are due to various types of taxes and fuel subsidies. “All countries buy oil on international markets at the same prices but impose different taxes. That’s why the retail price of gasoline is different”, he explains. That is, richer countries tend to have higher prices; poorer countries and oil producing and exporting countries have considerably lower prices.

Gasoline: Heavy readjustment and inflammatory criticisms

Despite the disclosure earlier this week, the GPP probably still hasn’t captured the full magnitude of the rise in fuel prices that occurred in Brazil between Friday (11) and the weekend, after a readjustment announced by Petrobras, on 18, 8%, and you can expect it to go up again in the next update. In comparison with the previous release, on March 7, there was an increase of US$ 0.018 per liter in the price of fuel in Brazil, which represents an increase of 1.3%. With the application of the index indicated by Petrobras, the liter could rise up to US$ 0.24.

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The adjustment promoted by Petrobras (which also increased diesel by 24.4%) was justified as a result of the lag in relation to other suppliers and to avoid the risk of shortages in the country, but it triggered a crisis with President Jair Bolsonaro, which raised the critical load against the company. He criticized the state-owned company’s pricing policy, which provides for oil parity in Brazil with international prices, pegging the value of gasoline to the dollar, and also the profits of Petrobras, which in 2021 had the best results in its history.

“There was a wrong legislation made back there, in which you have international price parity. In other words, what is taken from the oil takes into account the price outside Brazil. This cannot continue to happen. […] If you are going to pass all this on to the price of fuel, you have to give an increase of around 50% in fuel, it is not permissible for you to do so. The population cannot stand a rise by this percentage here in Brazil”, said Bolsonaro, in one of several statements critical of Petrobras, when referring to the high movements in the price of the barrel as a result of the war in Ukraine.

After the drop in oil prices earlier this week, the president also demanded measures from the state-owned company to reverse the charge at pumps. Behind the scenes, the perception is that the accumulation of dissatisfaction could put the president of Petrobras, Joaquim Silva e Luna, in danger in office, but his departure seems unlikely due to the risk of generating even more instabilities than the allegations of attempted interference. of Bolsonaro.

Faced with fuel prices classified by himself as “unpayable”, the president does not rule out the creation of subsidies to contain the increase, together with other measures such as the law, already sanctioned, which establishes a single ICMS charge to insure the values.

Gasoline prices around the world

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