Petrobras Approves Joining Federal Fuel Subsidy as Importers Warn of Unpaid Diesel Reimbursements

Overview

• The Petrobras board approved the company’s adhesion to the federal fuel subvention program on Wednesday, a step the company says preserves flexibility but which still requires formal signing after the finance minister issues an implementing act.
• The subsidy works as a post‑sale reimbursement against federal levies such as PIS/Cofins and Cide, and ANP must access Receita Federal data to process claims so payments cannot start until interagency rules and regulation are in place.
• Importers report they sold diesel at subsidized domestic prices and filed reimbursement documents in early April but have not received the promised payments within the 15‑day timeframe, creating acute liquidity stress for smaller firms.
• Importers supply roughly 25%–30% of Brazil’s diesel, and industry groups warn that continued withholding of reimbursements could force them to reduce June purchases from international markets and raise the risk of local shortages.
• The program sets subsidy levels of up to R$0.89 per liter for gasoline and about R$0.35 per liter for diesel and could blunt consumer price rises, but high interest rates and unpaid claims mean distributors may still face higher costs and tighter supplies before rules are final.