LatAm Oil & Gas: Brazil Fuel Gauge: Diesel at import parity while gasoline is 6% below parity

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LatAm Oil & Gas: Brazil Fuel Gauge: Diesel at import parity while gasoline is 6% below parity

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LatAm Oil & Gas

Brazil Fuel Gauge: Diesel at import parity

while gasoline is 6% below parity

Industry Overview

Tracking Brazil domestic fuel prices vs. import parity 06 July 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 subsidies partially removed; prices at parity CaioResearchRibeiroAnalyst>>

International diesel prices in BRL increased by 4% WoW, helping narrow the premium to Merrillcaio.ribeiro@bofa.comLynch (Brazil)

import parity from last week. In addition, the government partially reduced fuel Leonardo Marcondes >>

subsidies, lowering total diesel subsidies from R$1.47/liter to R$1.12/liter. Including the Research Analyst

current subsidy, we estimate diesel prices are now broadly at import parity (vs. a 17% Merrillleonardo.marcondes@bofa.comLynch (Brazil)

premium last week). Excluding subsidies, diesel would be trading at a 26% discount to Nicolas Barros >>

parity. For gasoline, international prices in BRL also rose 4% WoW, which led to a Research Analyst

Merrill Lynch (Brazil)

widening of the discount to import parity to 6%, from 1% last week (accounting for the nicolas.barros@bofa.com

subsidy of R$0.44/liter). On a YTD basis, which serves as the reference period for PBR’s

pricing policy and resets at the beginning of each fiscal year, and including import

subsidies for both fuels, we estimate diesel has averaged an 8% discount to import

parity, while gasoline has averaged a 15% discount.