Magda Chambriard confirms increase and says that decision considers variation in ethanol in the Brazilian market
The president of , Magda Chambriard, announced during a conference with analysts on Tuesday (May 12, 2026) that the state-owned company will make an adjustment to the price of gasoline sold to distributors. The company is also discussing with the government measures to reduce the impact of rising oil prices on the Brazilian market.
Chambriard stated that the readjustment for distributors will take place “me, me” and explained that the decision takes into account the variation in the price of ethanol in the Brazilian market.
“When we are observing an increase in the price of gasoline, we do so in relation to the price of ethanol in the Brazilian market in the last little over 15 days. And we have seen the price of ethanol drop significantly in the Brazilian market. It is a competitor, yes, to our market. So, we are now dealing with this increase in gasoline, but always keeping an eye on our market share and the evolution of the ethanol market”said Magda Chambriard.
The last change in gasoline prices charged by Petrobras was a reduction. The state-owned company reduced the sales value of the fuel to distributors on January 27, 2026, by 5.2%, equivalent to a reduction of R$0.14 per liter. The price went from R$2.71 to R$2.57.
Petrobras is also discussing initiatives with the government to soften the impact of rising oil prices on fuel prices in Brazil.
“We are working on the gasoline issue. Soon, you will also have good news regarding our gasoline,” Chambriard told analysts on the conference call.
At the beginning of April 2026, the government launched a package of measures to contain fuel price adjustments. The actions seek to reduce the impacts of the rise caused by the rise in oil prices in the context of war in the Middle East. The package includes new subsidies for diesel and LPG (liquefied petroleum gas), exemption from taxes on biodiesel and QAV (aviation kerosene) and toughening of punishments for abusive prices.
The escalation of the conflict between the United States and Iran affected global oil supplies after the end of the quarter. The closure of the Strait of Hormuz put even more pressure on the international fuel market. The strait concentrates around 20% of global commodity traffic.
Plan review
Petrobras expands production capacity to meet 100% of the national demand for diesel and gasoline. Chambriard informed that the company is reviewing the current long-term business plan (2026–2030) to increase production and increase self-sufficiency in meeting domestic consumption.
The executive director of industrial processes and products, William França, said that the company is discussing this target for the 2027–2031 plan.
“With the war, with the results achieved by the company and the confidence that the Brazilian market has in Petrobras, we are safely and profitably analyzing the opportunity that will most likely come in our next business plan to achieve Brazilian self-sufficiency”said Magda Chambriard.
The current plan (2026–2030) foresees increasing Petrobras’ capacity to meet 85% of local demand for diesel. The country imports around 25% to 30% of the fuel consumed. Chambriard stated that the company can expand this goal with productivity gains, greater use of installed capacity and expansion of operational units.
Petrobras increased the use of total installed capacity. The refinery utilization factor rose from 89%, in December 2025, to 97%, at the end of March 2026, a record for the company. The president said that the war in the Middle East, which affected oil supply and raised the price of a barrel, led the company to seek more ambitious goals to meet domestic demand.
Petrobras also plans to expand gasoline production. Chambriard stated that “following diesel comes gasoline”. The president said that the company is preparing to fully meet the national demand for gasoline. Brazil imports around 10% of this fuel, and foreign purchases increased this year. In March 2026, landings grew 194%, totaling 335.6 million liters.
Production growth
The state-owned company’s growth grew 16% year-on-year. The volume reached 2.8 million barrels of oil equivalent per day, compared to 2.4 million in the same period in 2025.
Oil exports increased 61.2%, reaching 888 thousand barrels per day. Foreign sales of fuel oil also grew 15.4%, to 187 thousand barrels per day. China was the main destination.
The pre-salt was responsible for the increase in production, with an increase of 17.8% in the quarter. Deep and ultra-deep post-salt production grew 10.4%, according to company data. Petrobras put ten new producing wells into operation between January and March 2026, seven in the Campos Basin and three in the Santos Basin.
Petrobras’ Business Plan foresees investments of US$ 109 billion over the next five years. Of the total, US$91 billion (R$486.8 billion) is allocated to projects under implementation, and US$18 billion (R$96.3 billion) to the portfolio under evaluation. The total amount is 1.8% lower than the previous plan (2025–2029).
Sales in the domestic market grew 2.9% in the first quarter of 2026. Aviation kerosene led the increase, followed by gasoline and diesel. Derivatives production increased 6.4% in the quarter, following the increase in sales in the domestic market.
