On June 3, Petróleo Brasileiro – Petrobras (NYSE:PBR) announced a 5.6% reduction in gasoline prices for distributors, marking the first such cut since October 2023. Effective immediately, gasoline will be sold at 2.85 reais per liter (~$0.5005), which is a decrease of 0.17 reais. The company’s last fuel price adjustment was a 7% increase in July 2024.
A worker in a hard hat looking up at an offshore drilling rig at sunset.
Data from Brazil’s National Petroleum Agency shows that distributors sold 3.81 billion liters of gasoline in April this year, which is a 4.6% rise from April last year. Year-to-date sales through April 2025 totaled 14.74 billion liters, which represented a 3.5% increase year-over-year. This rebound indicates a recovery in consumer mobility after sluggish sales in 2023. However, the full impact of this price cut on end-user prices at gas stations will depend on various factors, such as federal & state taxes, and retail profit margins.
Petrobras also recently awarded a €250 million offshore maintenance contract to Mota-Engil’s Brazilian subsidiary. This 48-month agreement focuses on maintaining platform integrity in the Campos Basin, which is a key hub for Brazil’s offshore oil production and is crucial for extending the lifespan of aging infrastructure.
Petróleo Brasileiro – Petrobras explores, produces, and sells oil & gas in Brazil and internationally. It operates through 3 segments: Exploration & Production; Refining, Transportation & Marketing; and Gas & Low Carbon Energies.
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This article is originally published at Insider Monkey.
