Petrobras Pricing Methodology
Petrobras, in compliance with the request made by the Brazilian Securities Commission (CVM) to amend the relevant fact released on October 25th, clarifies the characteristics of the pricing methodology approved by its Executive Board:
The methodology includes an automatic adjustment in the price of diesel and gasoline in periods to be determined before its implementation, based on variables such as the reference price of these oil products in the international market, exchange rate and weighting associated with the origin of the oil product sold, whether it is refined in Brazil or imported.
It also includes a mechanism that prevents transferring the volatility of international prices to the domestic consumer.
Petrobras restates that the methodology was approved by the Executive Board and submitted to the Board of Directors, which requested additional studies that are now in progress.
Petrobras reiterates that the relevant fact refers to the introduction of a pricing formula for diesel and gasoline that provides greater forecasting for the company’s cash generation and reduces leverage ratios.
Petrobras will maintain its shareholders and other interested parties adequately and timely informed as the matter unfolds.
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