Petrobras Gasoline Auction Falls Short, Raising Pressure to Cut Refinery Prices

Overview

• Petrobras offered 550 million liters in a gasoline auction and 186.3 million liters went unsold despite an opening price below its list price.
• StoneX analyst Thiago Vetter called the outcome a clear prompt for a price adjustment and expects a reduction in February if current conditions persist.
• Consultancies estimate Petrobras’ refinery gasoline has been 8% to 9% above import parity since September 2025, with StoneX now pegging the gap near 5.8%.
• International price benchmarks fell sharply in 2025, including a 29.3% drop in ANP’s gasoline import-parity metric, yet Brazil’s average pump price edged up 0.16% due to taxes, margins, biofuel costs and inflation.
• Petrobras says it monitors global fundamentals to provide price stability, and its board is slated to review pricing policy on January 28.