The Petrobras Board of Directors approved, at a meeting held this Wednesday (27), the Domestic Market Price Formation Guideline to be applied to oil and natural gas derivatives traded in the domestic market, including the Board of Directors itself. and the Supervisory Board in supervising the execution of the oil company’s pricing policies.
The directive incorporates an additional layer of supervision of the execution of pricing policies by the Board of Directors and Fiscal Council, based on the quarterly report of the Executive Board, “formalizing an existing practice”.
The guideline, however, will not change the company’s price balance policy with national and international markets. “It is worth noting that the aforementioned approval does not imply a change in the current price policies in the domestic market, in line with international prices, nor in the company’s Bylaws”, informed the state company.
“In the execution of the Pricing Policies, seeking to maximize the generation of value for the Company, the Executive Board, or the authority delegated by it, must follow the evolution of the Brazilian oil derivatives market. [considerando, por exemplo, o efeito da venda de ativos de refino]substitute products and the performance of importers, having as main competitive price point the balance of Petrobras prices with the national and international markets and also observing the market share necessary for the optimization of its assets, as well as the preservation of a healthy competitive environment, under the terms of the legislation in force”, explained Petrobras.
Although it adds the Board of Directors and Fiscal Council, the directive reiterated the competence of the Executive Board in the execution of pricing policies, to “preserve and prioritize the company’s economic result, in the direction of maximizing its generation of value”.
“The procedures related to the execution of the price policy, such as the frequency of product price adjustments, the percentages and values of such adjustments, the convenience and opportunity in relation to the decision of price adjustments remain under the competence of the Executive Board ” he observed.
Also according to the directive, “the Executive Board shall report quarterly to the Board of Directors and to the Fiscal Council the evolution of prices practiced in the domestic market for diesel, gasoline and LPG, as well as Petrobras’ participation in these markets”.
