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Petrobras To Reduce Refineries Gas Prices To the Lowest Level In 14 Months

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Petrobras will reduce the average price of gasoline at its refineries to the lowest level in about 14 months as of Wednesday, amid a reduction in the dollar’s price against the Brazilian real, one of the parameters used by Petrobras. The company in its system of readjustments.

The cut will be 1.38 percent against the value practiced on Tuesday, to 1.4337 Reais per liter. It is the lowest level since the actual 1.4259 seen on October 24, 2017, according to the oil data compiled by Reuters.

The price of gasoline has been falling since mid-December in the face of the depreciation of the US currency. The other component of weight followed by the state in its mechanism of readjustments is the international oil market, which also showed declines recently. Just this year, the dollar has already dropped 3.65 percent.

The almost daily readjustments of Petrobras began in the middle of 2017. In the accumulated of all this period, the gasoline of the state-owned company presents a high of 3.60 percent.

In the case of diesel, the average price at the refinery is 1.8545 Reais per liter since the beginning of the year.

At the end of 2018, the company announced a financial protection mechanism complementary to the price policy of diesel, similar to one already used in gasoline, which allows the company to maintain stable product prices at refineries for up to seven days at a time high volatility.