Petrobras Cuts Refinery Diesel Prices Again, Puts Amazon Basin Potash Rights On Sale

Petrobras Cuts Refinery Diesel Prices Again, Puts Amazon Basin Potash Rights On Sale
  • Brazilian state-run Petroleo Brasileiro PBR, also known as Petrobras, will lower refinery gate diesel prices by almost 4% from today, marking the second cut in a week after a drop in international prices.
  • The company said it would cut diesel prices to 5.19 reais ($1.01) from 5.41 reais, while gasoline prices were kept unchanged.
  • The oil giant had already lowered diesel prices by 3% last week, the first time in more than a year.
  • Brazil's Petroleo Brasileiro PBR, also known as Petrobras, said it has begun looking for bidders for its potassium mining rights in the Amazon basin.
  • The asset is composed of eight mining concessions, four mining requests already granted, and 22 requests for research that are still pending authorization, a total of 34 mining titles.
  • Petrobras have retained Ernst & Young as its exclusive financial advisor for the potential transaction. 
  • Read the main information about the opportunity here.
  • Reuters reported that interest in potash mines in Brazil is growing as the mineral is a key fertilizer. The Ukraine war has highlighted the country's dependence on product imports. 
  • Brazil's farm sector relies on imports for 85% of its fertilizer use.
  • In March, Verde Agritech PLC AMHPF said to accelerate investment to boost output capacity and become Brazil's largest potash producer.
  • Price Action: PBR shares are down 17.2% at $12.50 during the premarket session on the last check Friday.
  • Photo via Wikimedia Commons

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