Petrobras subsidies generates a deficit of BR$15 bi

In spite of no disclosing of making pressure over the government, Petrobras already registers losses values over BR$15 billion due to the discrepancy between fuel prices on domestic and foreign markets. According to a calculation provided by the Infrastructure Brazilian Center-CBIE, the respective deficit represents an increasing of 138% last year. According to the economist, the deficit level that lowered in the past, right after the beginning of financial crisis, in 2008, it has back to arise due to the commodity oil prices in stock exchange market and fuel consumption in Brazil.Since then, the commodity prices in NY Stock Exchange had a leap from USD$80 up to USD$100. Petrobras has admitted that has been aligned the domestic prices to international commodity prices of oil and its derivatives since the total deregulation of the sector, that has occurred in 2002. “Over the last 10 years, were observed temporary prices dislocations between domestic prices and abroad, but when it is assessed in the long term, it is nonsense to affirm there is a discrepancy (deficit) or an extra margin between these prices” answered Petrobras Company.Source:Brasil Econômico, Translation:EGE