Petrobras ignores government and should announce fuel increase today

The Board of Directors of Petrobras approved, this Thursday (16/6), an increase in the price of gasoline and diesel. The meeting that decided the adjustment took place during the holiday, in an emergency call. The values ​​should be announced this Friday (17/6).

Although this type of measure is not under the responsibility of the council, the body’s president, Márcio Weber, convened the meeting to try to put an end to the crisis that is taking over the matter. The fact that, according to Petrobras, prices are below the international market made the board take the decision.

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The price of gasoline has an explanation! Some indices are responsible for the value of a liter of gasoline, which is passed on to the consumer when filling up.Getty Images

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There are four taxes levied on fuel sold at gas stations: three federal (Cide, PIS/Pasep and Cofins) and one state (ICMS)Getty Images

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In the case of gasoline, according to data from the National Agency of Petroleum, Natural Gas and Biofuels (ANP), the composition of the price at the stations is based on a percentage on top of each tax.Getty Images

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The pump price incorporates the tax burden and the action of other agents in the marketing sector, such as importers, distributors, resellers and biofuel producers.Getty Images

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In addition to Petrobras’ profit, the final value depends on international movements in relation to the cost of oil, and ends up being directly influenced by the situation of the real – whether more appreciated or devaluedGetty Images

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The composition, then, is as follows: 27.9% – state tax (ICMS); 11.6% – federal taxes (Cide, PIS/Pasep and Cofins); 32.9% – Petrobras profit; 15.9% – cost of ethanol present in the blend and 11.7% – fuel distribution and resaleGetty Images

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The rise of the American currency in the exchange rate, for example, increases the price of fuel and can be considered the main villain for the consumer’s pocket, since Brazil imports oil and pays the value of a barrel in dollars, which corresponds to more than BRL 400 in current conversion Getty Images

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The ICMS rate, which is statewide, varies from place to place, but, on average, represents 78% of the tax burden on alcohol and diesel, and 66% on gasoline, according to studies by Fecombustíveis.Getty Images

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For almost 100 days, the state-owned company has not increased gasoline, while the last diesel readjustment came 37 days ago. According to the Brazilian Association of Importers and Fuels (Abicom), the lag in relation to fuel in the foreign market is up to 18% for diesel and 14% for gasoline.

With the stalemate between the demands of the government and Congress – which want the lowest prices – and the market – which insists on the policy of import parity prices (PPI) –, the council bet on the increase.

Most participants stated that it is the board’s remit to make this type of decision and that it would be in the bylaws. Generally, fuel prices go through a committee that includes the company’s president, José Mauro Coelho, and the directors of Finance and Commercialization and Logistics, Rodrigo Araújo and Cláudio Mastella.

Bolsonaro’s Criticism

President Jair Bolsonaro (PL) again criticized the increases granted by Petrobras in a weekly live, on Thursday (16/6), and again attacked the state-owned company, its directors, minority shareholders and the readjustment in the price of fuels that the company is about to announce.

“I hope that Petrobras does not want to increase diesel and gasoline in these days when we are negotiating with Parliament, with tremendous goodwill from parliamentarians,” said the president, referring to the tax cut on diesel and gasoline, which was approved. by the two houses.

The country’s representative read a news item stating that Petrobras’ profit margin would be up to six times higher than that of foreign oil companies. Then he increased his tone of voice: “Petrobras is struggling to make money. Diesel is at the top, due to taxes and also due to the price charged by Petrobras, which is struggling to make money”.

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