The Brazilian Association of Piped Gas Distributors (Abegás) informed on Monday, 10, that it sees as “positive” the reduction in the price of natural gas sold to distributors, announced earlier by Petrobras (PETR4).
The new price will be valid from November 1st, for the quarter from August to October, and will remain in force until January 31st, 2023, as established in the signed contracts, informed the state company.
In a statement, Abegás said that piped gas distributors fully pass on any reduction in the price of the molecule and the natural gas transportation tariff.
CNG x ICMS
In the case of CNG (vehicular natural gas), Abegás pointed out that the fuel prices surveyed by the National Petroleum, Natural Gas and Biofuels Agency (ANP) do not yet reflect ICMS Agreement 123, of August 9, 2022, which harmonizes the percentage reduction in the rates of liquid fuels to the rate incident on CNG.
The agreement, approved by the National Council of Treasury Policy (Confaz), authorizes several states to grant a reduction in the ICMS tax base for CNG. The Federal District and the states of Alagoas, Bahia, Ceará, Espírito Santo, Mato Grosso do Sul, Minas Gerais, Paraíba, Rio de Janeiro, Rio Grande do Norte, Rio Grande do Sul, Santa Catarina and Sergipe have already adhered to it.
Abegás reinforced its defense for all these units of the Federation to make the necessary effort for this benefit to reach consumers.
And he also hopes that Amazonas, São Paulo and Paraná – where piped gas is distributed, but there is no specific rule for reduction or exemption of ICMS (case of Pernambuco) – may become aware of the importance of adhering to the agreement with Confaz, guaranteeing the competitiveness of CNG for the benefit of consumers.
Finally, Abegás added that distributors are not responsible for the final price of CNG at the gas stations and that “it continues to work so that there are more supply options for the market and that Brazil can take advantage of all the natural gas available in the national territory”.
Petrobras’ Results for the Second Quarter of 2022
Petrobras’ (PETR4) results for its 2Q22 operations were released on July 28. The company reported a net profit of R$ 54.3 billion in 2Q22, up 26.8% compared to the same quarter last year.
Petrobras’ adjusted EBITDA reached R$98.3 billion in 2Q22, up 58.6% compared to 2Q21.
Petrobras’ adjusted Ebitda margin totaled 57.5% in 2Q22, up 1.6 percentage points compared to 2Q21.
Petrobras’ net margin reached 31.8% in 2Q22, a decrease of -6.9 percentage points compared to 2Q21.
Petrobras’ shares (PETR4) have accumulated a high of 3.08% in the stock market in the last 7 days and a high of 89.39% in the last 12 months.