Petrobras collects R$12.2 billion in fuel subsidies

Petrobras reported cumulative receipts of R$12.2 billion from Brazilian government fuel-subsidy programs across diesel, gasoline, and LPG. On September 25, 2026, the company reported receiving R$2.3 billion for diesel sold between July 16 and July 31, following a September 19 receipt of R$448 million under a gasoline subsidy program for the same sales period.

The company's board recently approved joining an additional government program offering R$1 per liter of road-use diesel A for 30 days, with a possible 30-day extension. This benefit stacks on an existing R$1.12-per-liter subsidy, potentially reaching R$2.12 per liter in combined support. Effective participation remains subject to published regulations from Brazil's oil regulator, ANP, which reimburses producers and importers after they deduct subsidies from distributor prices.

Earlier in September, Petrobras raised diesel prices to distributors by an average of R$1 per liter while granting an identical discount, leaving distributor billing unchanged. According to Brazilian fuel importers' association Abicom, Petrobras' diesel traded R$3.89 per liter below import prices as of September 16, a record gap reported by Reuters. Brazil imports roughly one-quarter of its diesel consumption, and importing fuel above domestic selling prices compresses refining margins.

Petrobras stated that its commercial strategy seeks to protect market share, optimize refining assets, and maintain profitability without passing short-term international price and foreign-exchange volatility directly to the domestic market.