Petrobras has no intention of making abrupt changes to fuel prices in Brazil, despite rising international oil prices driven by the war in the Middle East. According to the company’s president, Magda Chambriard, it is seeking to increase production to ensure the country’s energy security.

“Petrobras has been working to increase the production of [oil] derivatives in the Brazilian market, which has become even more important since March, amid the war in the Middle East,” she said on Tuesday (May 12) in Rio de Janeiro.

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“Abrupt changes are not part of our plan,” she added in an interview with journalists on the company’s financial results.

With the ongoing conflict involving the United States, Israel, and Iran, and disruptions to logistics chains, global supplies of crude oil and its derivatives have fallen, putting upward pressure on prices. The price of Brent crude, the international benchmark, has risen from around $70 per barrel to above $100 at certain points, affecting Brazil as well, even though it is an oil-producing coutry.

To help curb rising fuel prices in the domestic market, the Brazilian government adopted measures such as exempting federal taxes on fuels and providing economic subsidies - financial reimbursements to producers and distributors.

Gasoline and ethanol

Since the start of the war, Petrobras has adjusted the prices of diesel - used mainly by trucks and buses - and aviation kerosene (QAV).

Gasoline prices have not been adjusted. When asked about a possible increase to keep pace with rising international prices, the president said she monitors prices, as well as market share and competition with ethanol.

“We face competition from ethanol, whose price has fallen over the past two weeks. Brazil has a flex-fuel fleet, and drivers choose which fuel to use at the pump,” she explained.

Chambriard added that the company’s gasoline production meets domestic demand. The country imports the fuel but also exports it.

Performance

The president of Petrobras highlighted the company’s strong operational performance, with record oil and gas production. In the first quarter, output was 16.1 percent higher than in the same period last year.

Profit

Petrobras reported a profit of BRL 32.7 billion in the first quarter of 2026. The result is more than double - up 110 percent - compared with the last quarter of 2025 (BRL 15.6 billion).

However, compared with the same period last year (BRL 35.2 billion), the result represents a decline of 7.2 percent.

The financial statement also shows that the company’s investments totaled BRL 26.8 billion, a 25.6 percent increase compared with the first quarter of 2025.

The company’s debt totaled BRL 350 billion in the quarter - a 10.8 percent increase year over year - though it remains within the limits set in the 2026–2030 business plan.

According to the company’s statement, the recent rise in oil prices and record production levels were not fully reflected in first-quarter revenues.

“The rise in oil prices following the outbreak of the conflict in the Middle East will be reflected in second-quarter exports,” the statement to investors concludes.