Petrobras can use the “cushion” to absorb part of the gasoline recovery and help to contain the final consumer price. This is because gasoline in Brazil is currently above the international average price, which gives fat to the state-owned company to cushion part of the price increase at the stations.
The Minister of Finance, Fernando Haddad, did not inform the value of this mattress, a kind of financial reserve. He just said that Petrobras does not need to reformulate the price parity policy with the international market (PPI). “[O uso do colchão] within the PPI means respecting the PPI. It means that Petrobras’ current pricing policy has a cushion that allows fuel prices to increase or decrease, and it can be used,” said Haddad upon leaving the ministry.
He also informed that the final decision on how fuels will be re-encumbered will take place this Tuesday (28), after a final meeting between the minister, President Luiz Inácio Lula da Silva and the Chief of Staff, Rui Costa . “We will close with the president tomorrow. We have some small details [para serem decididos]”, he said.
Collection
Earlier, the press office of the Ministry of Finance announced that the reencumbrance would maintain the collection of R$ 28.88 billion until the end of the year. The measure had been announced by Haddad in Januaryas part of the package to increase revenues and reduce the deficit this year to around R$ 100 billion.
The ministry also informed that the proposal under discussion establishes that the gasoline rate will rise more than that of ethanol, to increase the burden on fossil fuels. The folder’s press office added that the reencumbrance will seek to have a social character, to “penalize the consumer less”, and economic, to preserve the initially foreseen revenue gain.
Meeting
This Monday (27) afternoon, the executive secretary of the Ministry of Finance, Gabriel Galípolo, and the president of Petrobras, Jean-Paul Prates, met at the state-owned company’s headquarters, in Rio de Janeiro, to discuss the final details of exemption. Initially, there was a prediction that the decision would come out today and that the Minister of Finance would grant a press conference, but the conversation was canceled and Haddad only spoke briefly with journalists when closing the office at the ministry.
Last year, former president Jair Bolsonaro zeroed the rates of the Social Integration Program (PIS) and the Contribution for the Financing of Social Security (Cofins) for gasoline, ethanol, diesel, biodiesel, natural gas and cooking gas. On January 1, President Luiz Inácio Lula da Silva signed the Provisional Measure 1,157which provided for the re-encumbrance of gasoline and ethanol from March 1st and that of other fuels on January 1st, 2024.
