Transportation

The price of gasoline in Brazil is almost 60% above international prices. In the case of diesel, the difference is of 30%. The numbers are specialists in the energy market. This gap between what consumers pay in other countries to supply the car and the value of fuel in the Brazilian market soared in recent months, with the global economic crisis down the price of commodities. The barrel of oil, which reached U.S. $ 147 in July last year, finished the session of yesterday quoted at $ 35 - a decline of over 75% in six months.
Still, none of the analysts believe that Petrobras will promote adjustments now, since the company has not recovered the losses have kept prices unchanged in times of oil price. In addition, the company needs to generate cash to sustain its investment plan, the government considered a key drug against the financial crisis.

The account about the difference in prices of petrol and diesel fuel ranges from the analysts. To Adriano Pires, the Brazilian Center for Infrastructure (CBIE), the Brazilian gasoline is now 50% more expensive than the U.S. rate, used as reference by the State. But the diesel is 30% more expensive. Nelson Rodrigues de Mattos, Banco do Brasil Investimentos (BBI), calculates the difference in 59% for petrol and 40% for diesel. "Brazil is the only country in the midst of crisis, not lowered interest or price of gasoline," said Pires.

Freezing

When Petrobras launched the latest increase in prices in May last year, the barrel was around $ 110 per barrel. The company claims that the consumer does not pass the high of the second quarter of 2008. Moreover, maintained the same prices of petrol and diesel between September 2005 and May 2008. "In this same period, the price of oil rose from $ 65 per barrel to $ 115/barril Petrobras and supported this discrepancy not to impact the Brazilian consumer. The last increase was 10% for petrol and 12% for diesel, while the price of oil nearly doubled, "said the company, by note.

Mattos, the BBI, estimates that the company still has U.S. $ 1.5 billion to recover losses related to in times of high oil. Therefore, he believes in the possibility of adjustments only from April. Luiz Otávio Broad, the brokerage Agora, vai addition: for him, only adjustments in the second half. "It also provides for much lower prices, since the company has to make heavy investments," Broad points.

Investments

The generation of cash for investment is central point of the question, say experts. Smith points out that petrol and diesel account for around 60% of the company's revenue and consumption tends to fall for the financial crisis. That is, a significant reduction in prices would have a major impact on the box. In the report, the analyst Emerson Leite, of Credit Suisse, estimates that with current prices, Petrobras already have a deficit of $ 8.5 billion in its budget, considering investments of $ 22.8 billion this year.

This volume may be captured in the financial market, but the fact is that in times of scarce and expensive credit, the greater the cash flow the better. Because, remember Mattos, inflation is not even a problem now, which reduces the pressure to reduce fuel prices - gasoline is the item of greatest weight in the IPCA. Pires says, however, that may arise some sort of motion asking for reduction in price of diesel, an important factor of cost to industry and agribusiness.

Commission will present the options Lula 5
The interministerial committee that studies what should be the legal framework for the exploitation of the pre-salt layer should provide the president Luiz Inácio Lula da Silva proposed five options listed in order of importance. That is, although not stick a single model, leaving the final decision for the president, the report highlight the alternatives that the group is less or more interesting. The five options should be variations of three basic proposals: to establish a system of sharing, a system of service provision, or maintaining the current model of provision, but with increased rates of royalties and call Participation Special - rate collected from fields more profitable. Only in the latter case the new scheme exemption procedure in Congress. To deploy the other two must be change in the Petroleum Law.


Source: State Agency

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