Brazil Gasoline Imports Face Headwind in 2024: Argus

Brazil is preparing for a continued fall in gasoline imports in 2024, amid difficulties for domestic demand and increased local competitiveness of supply, according to Argus.

• Domestic gasoline demand has been declining since August after Petrobras raised domestic prices. This sparked demand destruction.
• The shrinking domestic market is helping Brazil ease dependency on imports of gasoline, particularly as throughout at Petrobras’ refineries rose to a nine-year high of 95.8% in Q3, Argus said.
• Brazil became a net exporter of gasoline in November for the first time since 2021, Argus added.
• Brazil is still likely to remain a destination of choice for European gasoline as its export flows shift away from WAF due to regulatory hurdles in the ARA and higher competition from the Middle East.