Petrobras changes pricing policy but uncertainty remains
The commercial strategy for diesel and gasoline announced by Petrobras on Tuesday (16) does not represent an immediate change in the company’s pricing policy but leaves uncertainties about the effects for the state-owned company in the medium and long term. The market received the changes with some relief as there were expectations of a return to the days of greater intervention, which has not been confirmed, at least for now. It remains to be seen how the new rule will be implemented, especially in a scenario of rising oil prices in the international market, which could force Petrobras to increase fuel prices.A sample of the investors’ reaction was seen on Tuesday in the behavior of the stocks, which boosted the Ibovespa, B3’s main index. Petrobras’s preferred shares closed at R$26.3, the fourth highest of the day, with an increase of 2.49%, and the common shares closed at R$29.2, an increase of 2.24%.President Luiz Inácio Lula da Silva published a video on his social media on Tuesday celebrating the news announced hours earlier by Petrobras. The reductions came after the company changed its pricing policy, abandoning the so-called import parity price (IPP), which linked the values practiced in the country to the international market."Today I am particularly happy, and I think the Brazilian people will be too because the minister of Mines and Energy and Petrobras CEO have just announced the reduction of gasoline and diesel by more than 12% and the reduction of cooking gas by 21.3%," Mr. Lula said. "You remember that we said we would reduce the prices of Petrobras, and it has begun to happen. This is only the beginning," the president concluded.The announcement of the pricing change came before 8 am in a notice of material fact. In unclear language, the company reported that the day before its management had approved the commercial strategy to define the prices of diesel and gasoline from now on, replacing the policy in force in refineries.Since 2016, Petrobras has been using the IPP, which takes into account the variation of the Brent barrel and the exchange rate. The new rule maintains the IPP criteria, but includes alternatives, experts say.Hours later, the company announced a reduction of R$0.44 per liter in the average selling price of diesel to distributors, a reduction of 12.8%. Gasoline prices fell by R$0.40 per liter, or 12.6%. Petrobras said new prices were related to the new commercial strategy, although company sources say this...
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