LatAm Oil & Gas: Brazil Fuel Gauge: Brazilian government to announce subsidy for gasoline

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LatAm Oil & Gas: Brazil Fuel Gauge: Brazilian government to announce subsidy for gasoline

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LatAm Oil & Gas

Brazil Fuel Gauge: Brazilian government to

announce subsidy for gasoline

Industry Overview

Tracking Brazil domestic fuel prices vs. import parity 25 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

Diesel at parity; gasoline at 32% discount CaioResearchRibeiroAnalyst>>

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

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

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

Excluding subsidies, the discount would be 29%. 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. On gasoline, international prices quoted in BRL decreased by 8% WoW. nicolas.barros@bofa.com

We estimate a 32% discount (vs. 37% discount in the prior week), or a R$1.22/liter gap.

In terms of freight, the USGC-Brazil has fallen 70% from this year’s peak and is now very

close to pre‑war levels (Exhibit 5).

PBR’s gasoline crack spread at -US$22/bbl

This year, Petrobras has adjusted its fuel prices twice.