February 1, 2023

Fuel at the end of the year is 34% more expensive, despite price cuts

Scenario Petrobras price adjustments It was very crowded in 2022. All in all, petrol and diesel prices have changed 16 times. However, fuel prices ended the year up by 34%.

Read more: Lula Government: Fuel prices in 2023 are characterized by uncertainty

This unstable scenario is shaped by the volatility of oil prices in the international market, in addition to the political pressures due to the presidential elections held in October.

Gasoline, for example, finished the year almost flat: down just 0.32%, with a book price of R$3.08 at refineries. On the other hand, the price of diesel is 34.43% higher than in January (4.49 R$).

Historical

The year started with a surge in Petrobras. In January, the price of a liter of petrol increased from R$3.09 to R$3.25, while the price of diesel increased from R$3.34 to R$3.61. Respectively, fuel prices have increased four times (in the case of diesel) and three times (in the case of gasoline).

Finally, it should be noted that these increases correspond to an increase in the price per barrel petroleum in the beginning of the year. They were also affected by the global recovery and the war in Ukraine, which reduced the supply of the product.
All of this price instability has meant that in the past year, four different executives have filled in as CEO of Petrobras. One of them even lasted only a week in office.

Remember who led Petrobras under Jair Bolsonaro

  • Roberto Castelo Branco From January 3, 2019 to April 13, 2021
  • Joaquim Silva and Luna – From April 16, 2021 to April 13, 2022
  • Jose Mauro Ferreira Coelho – From April 14, 2022 to June 20, 2022
  • Fernando Borges (temporary) – From June 20, 2022 to June 27, 2022
  • Cayo Mario Paes de Andrade – since June 28, 2022

wave of cuts

In May of this year, Petrobras began lowering fuel prices. Since then, there have been nine falls, five for petrol and four for diesel. In short, it cannot be ignored that the cuts are linked to the intensification of the electoral race.

In this way, the modifications PetrobrasCombined with measures to control fuel and electricity prices, it helped bring down inflation. Petrobras’ last cut was at the beginning of the month, when it cut petrol by R$0.20 per liter and diesel by R$0.40 per liter.