LatAm Oil & Gas: Brazil Fuel Gauge: Diesel at 5% discount vs gasoline at 37% discount

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LatAm Oil & Gas: Brazil Fuel Gauge: Diesel at 5% discount vs gasoline at 37% discount

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LatAm Oil & Gas

Brazil Fuel Gauge: Diesel at 5% discount vs

gasoline at 37% discount

Industry Overview

Tracking Brazil domestic fuel prices vs. import parity 18 May 2026

Our Weekly Brazil Fuel Gauge compares PBR diesel and gasoline prices to IPP, as PBR is Equity

Brazil's largest supplier, with ~70% of share. We also present the prices charged by Latin America

Acelen and Brava Energia, which have a presence in the downstream segment as well. Oil & Gas

International diesel prices up 4% WoW CaioResearchRibeiroAnalyst>>

International diesel prices quoted in BRL increased by 4% WoW leading to a widening of Merrillcaio.ribeiro@bofa.comLynch (Brazil)

discounts to import parity. For diesel, including total import subsidies of R$1.52/liter, we Leonardo Marcondes >>

estimate the current prices to be at a discount of 5% (vs. at parity in the prior week). Research Analyst

Excluding subsidies, the discount would be 32%. It’s worth highlighting that we exclude Merrillleonardo.marcondes@bofa.comLynch (Brazil)

the R$1.12/liter subsidy applicable to domestically produced diesel from the parity Nicolas Barros >>

calculation, as these subsidies do not alter PBR’s selling price, which continues to stand Research Analyst

Merrill Lynch (Brazil)

at R$3.65/liter. In terms of freight, the USGC-Brazil has fallen 70% from this year’s peak nicolas.barros@bofa.com

and are now very close to pre‑war levels (Exhibit 4).

Gasoline discount at 37%

On gasoline, international prices quoted in BRL decreased by 3% WoW. We estimate a

Exhibit 1: Trading at a discount vs IPP37% discount (vs. 39% discount in the prior week), or a R$1.55/liter gap.

PBR Diesel Import Parity over the past 3