Petrobras diesel price gap widens to biggest since 2022 after global rally
RIO DE JANEIRO, March 5 (Reuters) - Brazilian state-run oil company Petrobras PETR3.SA is selling diesel to distributors at prices about 30% below international benchmarks, the largest gap since 2022, Goldman Sachs analysts said in a note to clients on Thursday.
The gap widened as the U.S.-Israeli conflict with Iran drove global fuel prices sharply higher, with Brent crude and international diesel prices rising 16% and 33%, respectively, since last Friday, the bank noted.
KEY CONTEXT
Imported diesel accounts for about 25% of Brazil's fuel supply, with the rest produced by local refineries, mainly operated by Petrobras.
Petrobras exported 32% of its oil production last year.
The oil company historically avoids immediately passing through global volatility to local prices, its CEO told Reuters earlier this week.
WHAT'S NEXT
A scenario without price adjustments could discourage distributors and independent importers from bringing in fuel, reducing availability in Brazil.
The positive effects of higher oil prices on Petrobras' upstream businesses, however, should more than offset any negative impact on refining-segment earnings, Goldman added.
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