Due to the drop in oil prices due to the impacts of the coronavirus pandemic and a price war between major global producers, Petrobras informed Reuters on Tuesday (24), which will reduce by 15% the average price of gasoline in its refineries from wednesday and will maintain the value of diesel.
According to state-owned information and Reuters calculations, with this new cut, Petrobras' cumulative gasoline drop – responsible for nearly 100 percent of Brazil's refining capacity – will add up to about 40 percent by 2020. Last week, the state had already reduced the value of gasoline by 12%.
"It still has a good amount of adjustment that can be done, I think Petrobras has been adopting a strategy to smooth the movement, because it does not know if the price 'relapses' in two days, the market is very volatile," said the head of oil and gas at consulting firm INTL FCStone, Thadeu Silva. "I also think that if it goes down in one piece, it starts to bring serious problems to the jail. Whoever is stocked with the product, will have serious problems if they reduce prices so sharply, the damage can be very great", he added.