Petrobras: Fuel hikes in line with international market

Petrobras today (Mar. 18) released a note to the press defending the increase in fuel prices, in line with the oil market worldwide. The move aims to lower shortage risks, the Brazilian state-run company declared.

Price adjustments, the firm reported, are crucial to keeping the Brazilian market supplied by distributors, importers, and producers.

The hikes included an 18 percent increase in gasoline, 24.9 percent in diesel - Rovena Rosa/Agência Brasil

Petrobras stated the hikes announced on March 10—which included an 18 percent increase in gasoline, 24.9 percent in diesel—came as a response to prices skyrocketing globally, following Russia’s invasion of Ukraine on February 24.

According to the note, Petrobras did not raise prices until March 11, two weeks later. Even so, the company said the increases only reflected a portion of the rise in international prices, “strongly impacted as they were by limited supply in the face of the global demand for energy.”

The company also argued it is “sensitive to the impact of prices on society.” Petrobras, the text goes on to read, “has monitored the market on a daily basis at this challenging and highly volatile moment and cannot anticipate decisions on whether prices will be raised.”