Petrobras adjusts diesel prices for road use by R$1.12; distributors will have no impact

War in the Middle East makes the Brazilian government eliminate taxes on diesel and tax oil exports
Jornal Nacional/ Reproduction
Petrobras announced this Monday (1st) a new adjustment of R$ 1.12 per liter in the prices of diesel A, for road use, starting tomorrow. The company also informed that it will offer a discount of the same value - which maintains sales prices for distributors.
The discount occurs due to Petrobras' adherence to the subsidy for national refineries and importers, extended by the federal government last Saturday (30). The measure established a subsidy of R$1.12 per liter. In practice, this means that the government will pay part of the fuel price.
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In the case of diesel sold at pumps, the government created a subsidy of R$0.35 per liter. The two measures replace the government's previous subsidies, which expired last Sunday (31).
According to the oil company, the adjustment allows the company to use the economic subsidy, but without changing prices for distributors.
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The initiative is part of the government's package of actions to reduce the effects of rising international oil prices on the domestic market, amid tensions in the Middle East. (understand more below)
In a statement, Petrobras said that it sets its prices based on its position in the market and the search to maintain its profitable operations. The company also stated that it avoids directly passing on fluctuations in the dollar and international oil prices to consumers.
Effects of the war in the Middle East
The rise in oil prices on the international market is a reflection of the war involving the United States, Israel and Iran.
This is because, with the conflict, the passage of ships through the Strait of Hormuz was blocked - a channel through which more than 20% of global oil trade passes.
With the restriction on supply, commodity prices soared since the start of the war on February 28th. Since then, Brent oil (international reference) has risen from US$72.48 per barrel to US$94.98 at the close of last Monday (1st) - an increase of 31%.
Prices rose even further in April, but cooled down given signs that Washington and Tehran are moving towards a peace agreement.

Source: G1