Falling demand and high prices are restraining Petrobras refining

According to the national petroleum Agency (ANP), Petrobras owns 13 refineries in Brazil for a total of 17. They account for 98% of the refined oil in the country. As is already known, the State is the leader in the production and refining of "black gold" in Brazilian lands. However, in the last year there has been a fall of 7.5% compared to 2015, the smallest setback since 2010.

According to the ANP, part of the recoil of the refining is related to the increase in imports of fuels by competitors of Petrobras, as the value of gasoline and diesel oil were higher in Brazil in 2016 compared to the international market. In this way, companies have chosen to bring the fuel from abroad than to buy Petrobras.

According to Petrobras, the fuel market last year was impacted by the level of economic activity in the country and increased imports by other suppliers. The oil company noted that the pricing policy adopted in October 2016 is one of the mechanisms used for the optimization of results.

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