Petrobras plans to import 125,000 barrels per day of diesel in November to bolster domestic stocks, following strategic refinery shutdowns and steadily rising internal consumption.
Petrobras has intensified its supply strategy for the domestic market, planning to import 125,000 barrels per day (bpd) of diesel during November. The move is seen as a stock replenishment effort necessary to mitigate the impacts of scheduled maintenance at strategic refining units such as Rnest in Pernambuco and Repar in Paraná.
Although the volume is slightly below the 650 million liters purchased in October, the level remains above the average recorded in the first nine months of this year, which was 103,000 bpd. The state-owned company seeks to secure supply amid geopolitical uncertainties that raise global oil costs and directly affect the dynamics of imported derivatives in Brazil.
The role of the private sector and price lag
Petrobras’ activity in the external market has been predominant, especially amid the contraction of independent importers. According to the Brazilian Association of Fuel Importers (Abicom), the oil company accounted for about 51% of the input’s imports in October. Private companies’ caution is largely due to high acquisition costs and doubts about the sustainability of government subsidy programs.
Angélica Laureano, Director of Logistics, Commercialization and Markets at Petrobras, stated:
“There were shutdowns at units such as Rnest (Pernambuco) and Repar (Paraná). The November import is a stock replenishment.”
The disparity between the state-owned company’s prices and international quotations remains a critical point. According to Abicom, the fuel price at Petrobras’ hubs shows a significant lag compared to the external market, which, combined with the monthly renewal of subsidies by the federal government, discourages aggressive imports by the private sector.
Outlook for Year-End
Despite the concentrated effort in November, the company expects a normalization in the final month of 2024. With the anticipated drop in domestic demand linked to the end of the summer crop planting period, Petrobras projects that it will not need to turn to the international market to meet domestic consumption in December.
The state‑owned company’s long‑term strategy remains focused on optimizing its refining portfolio, which operated at a utilization rate close to 99% in the third quarter. The company emphasizes that purchasing refined products abroad is a complementary measure, adjusted to operational needs and the pursuit of economic efficiency, ensuring no risk of supply disruption at a time of high market sensitivity.