Petrobras denies extra diesel requests from distributors amid record price gap
Brazil's state oil company is refusing additional fuel orders while maintaining record-low prices relative to international markets following Iranian attacks on oil facilities.
March 10, 2026 at 08:20 AM
Petrobras is refusing requests from fuel distributors for additional diesel volumes while keeping prices at its refineries significantly below international levels, according to four sources with knowledge of the matter.
On Monday, March 9, Petrobras diesel sold to distributors was R$ 2.74 per liter below import parity at market opening, according to calculations by Abicom, the Brazilian fuel importers association. This represents an 85 percent price gap between Petrobras diesel and international market rates.
A Petrobras source, speaking on condition of anonymity, said all distributors are requesting additional fuel quotas to build inventory at low prices. The state company, however, is supplying only the volumes specified in existing contracts. The source stated that Petrobras cannot provide extra quotas that would allow distributors to stock cheap diesel and then resell it for profit at the company's expense.
The price gaps widened sharply Monday following escalation in crude oil prices after attacks on Iranian oil production facilities over the weekend. The Brent crude benchmark reached US$ 119.46 on Monday before settling around US$ 97 by mid-afternoon.
Gasoline prices at Petrobras refineries showed a 49 percent gap below import parity on Monday, with the fuel selling at R$ 1.22 per liter. When all fuel sellers across Brazil are considered, the gaps narrow somewhat—46 percent for gasoline and 78 percent for diesel—primarily because Acelen, Brazil's largest private refinery, has been implementing price adjustments.
Sergio Araújo, president of Abicom, said the elevated price gaps are leaving the market "disoriented" and expressed hope for a price adjustment from Petrobras.
Petrobras last adjusted diesel prices on May 6, 2025, when it reduced the price by R$ 0.16 per liter to R$ 3.27 at refineries. The price has remained unchanged since then. Gasoline prices were last reduced on January 27, 2026, when the per-liter price at refineries fell R$ 0.14 to R$ 2.57.