Americas News
Brazilian Ports See Sharp MGO Price Drop Resulting From New Petrobras Pricing Policy
Following news of a pricing policy change by Petróleo Brasileiro S.A. (Petrobras), Ship & Bunker data shows that MGO prices fell around $70/mt across major Brazilian ports on Thursday.
As Brazilian media reported last week, Petrobras Tuesday decided to cut prices of diesel and gasoline sold from its refineries by 10.4 percent and 3.1 percent, respectively.
According to Ship & Bunker data, the price of MGO at Rio de Janeiro fell sharply from $664.50 per metric tonne (pmt) on Wednesday to $594.50 pmt on Thursday, and even further to $581.00 pmt on Friday.
Petrobras' decision is said to come as a result of a fall in international oil prices since October.
Local media noted that the company has a policy in place that enables Petrobras to revise the prices charged at its refineries at least once a month in order to ensure competitive pricing in the context of the international oil market.
