During a meeting held this Wednesday, the 27th, Petrobras’ Board of Directors approved a new guideline for pricing fuel sold in the domestic market.
The guideline reaffirms that it is up to Petrobras’ Executive Board to implement pricing policies, which must “preserve and prioritize the Company’s economic results, seeking to maximize its generation of value”.
The conduct adds a layer of oversight of the execution of pricing policies. The document guides the Executive Board to send quarterly reports to the Board of Directors and the Fiscal Council on the evolution of fuel prices practiced in the domestic market, thus formalizing an already existing practice.
According to the document, the Executive Board “shall monitor the evolution of the Brazilian oil derivatives market […]substitute products and the performance of importers, having as main competitive price point the balance of Petrobras prices with the national and international markets and also observing the market share necessary for the optimization of its assets, as well as the preservation of a healthy competitive environment, under the terms of the legislation in force”.
Petrobras informed that there will be no change in the price policies that are currently in force in the domestic market, which are in line with international prices.
Gasoline price reduction
Last week, Petrobras announced a reduction in the price of gasoline sold to distributors. The value of a liter went from R$ 4.06 to R$ 3.86. The measure did not include other fuels. It was the first drop since December last year.
In the previous adjustment, announced in June, the average sale price of gasoline had risen from R$3.86 to R$4.06 per liter.
By announcing this reduction, Petrobras gave in to the political pressures of recent months and showed signs of a change in direction in fuel policy, in line with the federal government.