Abu Dhabi’s sovereign wealth fund Mubadala accuses Petrobras of “abusive pricing”

Mubadala, UAE state-owned holding company that acts as a sovereign wealth fund, has lodged a complaint against Petrobras with the Administrative Council for Economic Defense (Cade).

The complaint pertains to alleged high pricing of oil sold by the Brazilian oil corporation.

The Mataripe refinery, owned by Mubadala, argues that Petrobras is charging more than the prices it sets for its own refineries.

The refinery was privatized in 2021 at US$1.8 billion.

Petrobras refutes these accusations, stating that the Mataripe refinery can purchase oil from around 60 other oil producers within the country.

They further argue that Acelen, Mubadala’s subsidiary managing Mataripe, is urging Cade to make Petrobras supply oil at rates below the market value.

Meanwhile, the National Agency of Petroleum, Natural Gas, and Biofuels (ANP) notes a 12% hike in gasoline prices since Luiz Inácio Lula da Silva’s presidency resumed.

Among other states, Amazonas has seen a notable rise in gasoline prices, reaching a 25% increase compared to December 2022.