Brazil's Petrobras board approves joining diesel subsidy program

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September 19, 2026 2:15 PM EDT

FILE PHOTO: Gas station employees adjust the price of gasoline amid growing concern over fuel costs in Brazil, after the government eliminated taxes on diesel to contain the impact of rising global oil prices, while authorities intensify actions against p

SAO PAULO, Sept ‌19 (Reuters) - Brazilian ​state-run ​oil firm Petrobras said on Saturday that its board approved the company's participation ‌in a new government subsidy program for diesel ⁠oil producers, worth 1.00 real ($0.19) per liter for ‌30 days.

• The diesel ‌subsidy can be extended for another 30 days and is cumulative with an existing ​subsidy of 1.12 reais per liter.

• Earlier this week, Petrobras announced an increase in diesel ⁠prices to distributors by an average of 1 real per ​liter, while also giving a discount of the same amount.

• As a result, ​Petrobras' prices to distributors remain ‌unchanged while the company benefits from the subsidy.

• Petrobras said in a ⁠separate statement it received 448 million reais in payments from a gasoline subsidy program, linked to sales ⁠between July 16-31.

• Total accumulated subsidies for diesel, gasoline ​and LPG programs reached 9.9 billion reais, it said.

• Since the start of the war in Iran, ‌Brazilian President Luiz Inacio Lula da Silva has sought to cushion the effects ‌of higher oil prices ahead of October's ⁠presidential election, in which ‌he is ​seeking a fourth non-consecutive term.

($1 = 5.1445 reais)

(Reporting by Isabel Teles; Editing by Paul ‌Simao)


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