Brazil Oil & Gas Refiners and Marketers: Data Tank: Our July 26 Fuel Distribution Monthly Report

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Brazil Oil & Gas Refiners and Marketers: Data Tank: Our July 26 Fuel Distribution Monthly Report

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20 Jul 2026 13:13:06 ET │ 15 pages

Brazil Oil & Gas Refiners and Marketers

Data Tank: Our July 26 Fuel Distribution Monthly Report

CITI'S TAKE

As per ANP preliminary data, in Jun’26, the fuel distribution sector showed

a YoY increase in Diesel + Otto Cycle sales (+0.9%MoM, +3.6%YoY), while

Diesel increased by 1.5%YoY and Otto Cycle by +6.0%YoY. From our

perspective, the June dynamic was mainly marked by a demand increase, Gabriel BarraAC

given the harvesting season of winter crops, but we note that YTD demand +55-11-4009-2223

is likely suffering from an economic deceleration and/or demand gabriel.barra@citi.com

destruction, given the higher fuel prices, as Otto Cycle and Diesel sales

Pedro Gama volumes are decreasing on a YTD basis (Otto Cycle -1%; Diesel -2%), while

we saw inventories at controlled levels in the country. We believe the 3 +55-21-4009-0431

pedro.gama@citi.com major distributors may not have increased competitiveness during the

month, noting the MoM market share decrease in Diesel, which could be

explained by the normalization in diesel imports in the country and the

gap decrease between domestic and international prices, during the

period.

Vibra: Total volume sold in June’26 (Otto Cycle + Diesel): c.2.4bn liters (+3.2%MoM,

+10.6%YoY), which brought Diesel market share to 23.6% (+0.9p.p. MoM) and Otto

Cycle market share to 21.2% (+0.1p.p. MoM). Additionally, during the month, Vibra

posted the best MoM performance, increasing its sales volume above the market

average, and leading its market share to increase. Vibra increased its market share

mainly in B2B and TRR segments.

Raízen: Total volume sold in June’26 (Otto Cycle + Diesel) was c.2.1bn liters (-