RIO DE JANEIRO, BRAZIL – The increase in competition in the oil sector will benefit Brazilian consumers, said the new president of Petrobras, Roberto Castello Branco, on Thursday (January 3rd), after taking office.
Petrobras’ new CEO, Roberto Castello Branco, said in his first speech as Petrobras president that the oil giant must practice market prices, photo by Fernando Frazaão/Agencia Brasil.
“The greater the competition, the more benefits for the consumer. If we have a single producer, it will not be good for the consumer, “said Castelo Branco.
According to the official the old strategy of keeping fuel prices artificially low is over. “Petrobras will follow the international parity price, without subsidies and without exploitation of a monopoly,” added Castelo Branco.
The statements issued by the new Mines and Energy Minister, Bento Albuquerque, were also in line with Castelo Branco’s discourse.
“There is no intention of the government to influence pricing policy. When we give transparency to this process, we can make some corrections, eliminate subsidies and make clear what is fair to be paid for the fuel,” said the minister, after attending the inauguration ceremony of Petrobras’ CEO.
Bento Albuquerque also noted that subsidies for diesel will no longer be given. The measure was adopted by the previous government to meet the demands of the truckers who went on strike in May of 2018, causing chaos to the country’s transportation and supply network.
“This [subsidy] ended on December 31st. It’s not a matter of subsidizing diesel, it’s a matter of letting the market set prices. This cannot be done with just fuel. Prices have to take into account the freight and other conditions,” concluded the minister.
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Petroleo Brasileiro Petrobras
NYSE: PBRPETR4EnergyOil & Gas Integrated43,199 employees
$163.04B
Market cap
Analyst target $24.09
Wall Street view
4.4Buy/ 5
11 Buy3 Hold0 Sell
Avg. price target $24.09 · +30% vs 200-day
Valuation & profitability
Market cap$163.04B
Revenue (TTM)$548.49B
P / E ratio6.4
Profit margin24.3%
Return on equity30.3%
Price & risk
52-wk low $10.6552-wk high $25.96
Beta (volatility)-0.23
200-day average$18.47
Revenue trend · 6y
20202025
Latest $88.10B
Ownership
Institutions22.4%
Shares outstanding3.72B
Top holderGQG Partners LLC
Institutional holders5+ funds
Dividend
Yield14.1%
Payout ratio28.3%
Fwd. annual$1.43
What Petroleo Brasileiro Petrobras does. Petróleo Brasileiro S.A. – Petrobras explores, produces, and sells oil and gas in Brazil, China, the United States, the Americas, Asia, Europe, Singapore, and internationally. It operates through three segments: Exploration and Production; Refining, Transportation & Marketing; and Gas & Low Carbon Energies. The Exploration and Production segment explores, develops, and produces…
