LatAm Oil & Gas: Brazil Fuel Gauge: Diesel at 16% premium to import parity; gasoline at parity

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LatAm Oil & Gas: Brazil Fuel Gauge: Diesel at 16% premium to import parity; gasoline at parity

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LatAm Oil & Gas

Brazil Fuel Gauge: Diesel at 16% premium

to import parity; gasoline at parity

Industry Overview

Tracking Brazil domestic fuel prices vs. import parity 29 June 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

Flattish import parity prices CaioResearchRibeiroAnalyst>>

International diesel prices in BRL increased by 1% WoW, and therefore premiums barely Merrillcaio.ribeiro@bofa.comLynch (Brazil)

changed. For diesel, including total import subsidies of R$1.47/liter, we estimate the Leonardo Marcondes >>

current prices to be at a premium of +16% (vs. +19% in the prior week). Excluding Research Analyst

subsidies, the discount would be 24%. On gasoline, international prices quoted in BRL Merrillleonardo.marcondes@bofa.comLynch (Brazil)

decreased by 1% WoW, which led to stable discounts to import parity at 2% (vs. Nicolas Barros >>

discount of 3% last week) - considering the subsidies of R$0.44/liter. On a YTD basis - Research Analyst

Merrill Lynch (Brazil)

which serves as the reference window for PBR’s pricing policy and is reset at the start of nicolas.barros@bofa.com

each fiscal year - and incorporating import subsidies for both fuels, we estimate diesel

at an average 9% discount to parity, while gasoline at a 15% discount.

PBR's crack spreads at very strong levels

Year-to-date, Petrobras has implemented some fuel price adjustments. In diesel, prices Exhibit 1: Trading at a premium vs IPP