Petrobras eyes diesel price hike, awaiting government measures to shield consumers, sources say (updated)

Petroleo Brasileiro SA Petrobras

10/09/2026 21:04

Updates with context and information from source on paragraphs 3-6
By Rodrigo Viga Gaier
RIO DE JANEIRO, Sept 10 (Reuters) - Brazil's Petrobras is looking to raise diesel prices at its refineries by about 1 real ($0.1964) per liter, but is waiting for government measures to shield consumers from the increase, two sources at the state-run oil firm told Reuters.
The hike would help Petrobras narrow the gap between domestic diesel prices and international benchmarks, which has widened due to the conflict in the Middle East and diesel export restrictions from Russia.
Despite being a diesel producer, Brazil still imports roughly a quarter of its diesel demand. When Petrobras is forced to import fuel at higher international prices than it charges domestically, the margin squeeze hurts profitability.
With a 1 real increase, the price gap would almost disappear, one source said.    
The increase would be possible thanks to a new diesel subsidy initially set at 1 real per liter, to be added to an existing one of about 1.12 reais per liter. Details of the measure have yet to be unveiled, however.
Petrobras did not immediately reply to a request for comment over the price hike.

 (Reporting by Rodrigo Viga Gaier in Rio de Janeiro; additional reporting from Marcela Ayres in Brasilia; writing and additional reporting by Fabio Teixeira; Editing by Nick Zieminski)
 ((Fabio.Teixeira@thomsonreuters.com; +55 21 99603-4782;))