By Brazil Stock Guide – Mataripe Refinery, a major refining complex in Brazil’s northeastern state of Bahia operated by Acelen and controlled by Mubadala Capital, cut gasoline and diesel prices for distributors on Thursday, moving in the opposite direction of Petrobras as the state-controlled oil giant announced its first gasoline price increase in nearly two years.
The largest reduction was for S-10 diesel, whose price fell 7%, from R$ 5.572 per liter to R$ 5.18 per liter. S-500 diesel declined 2.6%, from R$ 5.012 to R$ 4.882 per liter. Gasoline prices were reduced 5%, from R$ 4.108 to R$ 3.903 per liter.
At the same time, Petrobras announced a R$ 0.48-per-liter increase in gasoline prices for distributors. However, the impact is expected to be largely offset by a federal discount of R$ 0.44 per liter, leaving an effective increase of just R$ 0.04 per liter for distributors, according to the company.
Acelen said its pricing policy is based on market conditions, including international oil prices, exchange rates and freight costs. The contrasting moves highlight how Brazil’s fuel market has become increasingly diversified since the opening of the refining sector. While Petrobras remains the dominant player, Mataripe has emerged as one of the clearest examples of independent pricing power in the country’s downstream market.
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