Petrobras' executive president denies changes to fuel prices

According to the words of Jean Paul Prates, at a press conference this Thursday (18), the company is keeping an eye on the market and will not change fuel prices for now. The price of oil, known in the global market as Brent, reached more than US$90 per barrel during a few days last week. “We are evaluating the international scenario and, for now, there is nothing that will make us change, and the price of oil itself indicates this”added Prates.

In April, the price of Brent had ups and downs. On the 5th, it reached US$91.17, the highest value since October last year, due to concerns about conflicts spreading across the Middle East.

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_{Petrobras Central Building, Rio de Janeiro (Photo: reproduction/AtlantidePhototravel/Getty Images Embed)}

What is Brent

Brent is an acronym that indicates the origin of the oil and what the market price is based on when it is traded on the London Stock Exchange. Brent oil is called this worldwide because it came from a refinery called Brent Spar — an oil reserve facility operated by Shell, in the United Kingdom. Currently, Brent basically refers to North Sea oil.

Why does the price go up?

In total this year, the price has risen by around US$10 per barrel, which represents an increase of around 13%. In addition to the variation in the price of oil, the dollar is stronger in relation to the real, which also influences the fuel prices paid by Brazilian consumers. Petrobras did not increase the price of gasoline and diesel this year, but some signs in the market suggest that prices are falling behind. The increase will have to come at any time. The company's executive president assures, at least for now, that he will not change the amounts that will reach the pumps.

Featured photo: Jean Paul Prates, executive president of Petrobras (Photo: reproduction/PedroKirilos/Estadão)