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Russian Diesel No Longer Competitive in Brazil: Petrobras

DIESEL

Russian diesel is no longer competitive in Brazil, Petrobras CEO Jean Paul Prates said.

  • "Russian diesel was a sanctioned diesel, it was cheaper," CEO Jean Paul Prates said at an event in Rio de Janeiro. "But from a certain point on, prices became the same and it was no longer worth importing," Prates said.
  • Mines and Energy Minister Alexandre Silveira said last month, Brazil will keep importing Russian diesel as long as it helps to contain fuel prices.
  • Brazil imported almost three-quarters of all diesel imports from Russia in August. This dropped down to 42.1% in October according to StoneX analyst Bruno Cordeiro. This decline can also partly be attributed to Russia’s ban on fuel exports.
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