Brazil Oil & Gas Refiners and Marketers: Data Tank: Our July 2026 Fuel Margins Monthly Report

Research evidence excerpt

Brazil Oil & Gas Refiners and Marketers: Data Tank: Our July 2026 Fuel Margins Monthly Report

Flash |

31 Jul 2026 18:11:55 ET │ 9 pages

Brazil Oil & Gas Refiners and Marketers

Data Tank: Our July 2026 Fuel Margins Monthly Report

CITI'S TAKE

According to ANP, in June, Gasoline C prices at the pump were almost

flattish while Diesel B prices decreased by c.1%MoM, respectively, mainly

following lower fossil fuel prices, on lower international prices of diesel,

given the easing in the Middle East conflict during the period. Regarding Gabriel BarraAC

margins, we saw an increase in gasoline margins in the period, backed by +55-11-4009-2223

the lower federal taxes in the period (considering the R$0.44/L subsidy), gabriel.barra@citi.com

lower gasoline prices at refineries/importers, and slightly lower anhydrous

Pedro Gama ethanol prices. On the diesel side, we saw an increase in margins, mainly

on lower diesel imported price, partially offset by lower prices at the pump, +55-21-4009-0431

pedro.gama@citi.com but we note that distributors who are acquiring diesel from Petrobras are

facing higher margins than the average.

Also, recently we saw an increase in international diesel prices, backed by higher oil

prices and the global tightness in inventories, expanding the price gap between

domestic and international prices in the country, while Russia extended its diesel

and gasoline export ban up to the end of Jan’27 (Reuters, 07/30/2026), which could

bring more difficulties to the import activity in Brazil, implying a likely tightness in

domestic inventories, as demand tends to be higher in the second half of the year,

due to seasonality effects, and diesel imports should reduce in the upcoming

periods, noting that diesel from Russia is responsible for a major share of Brazilian