Brazil's diesel imports rise with Petrobras above parity
Brazil's diesel imports in March exceeded the same month in 2024, as Brazil's state-run oil firm Petrobras sold the raw material for several days at prices above import parity.
With Petrobras' prices above parity, Brazil's market became more favorable to diesel imports.
A large part of Brazil's diesel purchases came from Russia, according to Sergio Araujo, president of the Brazilian Association of Fuel Importers (Abicom).
Brazil's foreign purchases of diesel totaled over 1.3 B liters in March, up from the 1.24 B liters imported in March 2024.
Abicom said that on March 17 and 19, Petrobras' price was as much as 6% above parity.
"When domestic market prices are closer to import parity, it makes it easier...it encourages operations to take place," Araujo said.
Petrobras raised the average price of diesel sold at its refineries by 6% on February 1, after having kept the fuel price stable for more than a year.
Since Petrobras raised the price of diesel, however, the price of Brent oil has fallen by around 5%.
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